December corn futures closed down 1/4 cent at $4.34 1/2 Tuesday. Prices closed near mid-range. Price action last Friday in corn produced a bullish “key reversal” up on the daily bar chart. The key reversal is an early technical clue that corn has put in a market bottom. Last Friday’s monthly USDA supply and demand report was not as bearish as many had reckoned, and that prompted heavy short covering. Given the recent seasonal selling pressure in corn and the U.S. harvest winding down, it’s also the time of year that market lows in grains can and do occur. Corn bears are still in overall near-term technical control. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $4.15 1/2. First resistance for December corn is seen at today’s high of $4.38 and then at $4.40. First support is seen at $4.30 and then at this week’s low of $4.27 1/4. Wyckoff’s Market Rating: 2.5
January soybeans closed up 17 cents at $13.18 a bushel Tuesday. Prices closed nearer the session high and hit a fresh six-week high on short covering and bargain hunting. A fresh USDA export sale to China today helped fuel the bulls. Last Friday’s monthly USDA supply and demand report was not as bearish as many had reckoned, and that has also prompted heavy short covering. Soybean bulls now have thenear-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $13.40 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $12.75. First resistance is seen at today’s high of $13.19 3/4 and then at $13.25. First support is seen at $13.00 and then at this week’s low of $12.88 1/2. Wyckoff’s Market Rating: 6.0
December soybean meal closed up $6.50 at $428.50 Tuesday. Prices closed nearer the session high and hit a two-month high today. Bulls have regained the near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at the September high of $451.20. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $400.00. First resistance comes in at today’s high of $429.30 and then at $433.00. First support is seen at $425.00 and then at today’s low of $421.20. Wyckoff’s Market Rating: 6.0
December bean oil closed up 36 points at 40.78 cents Tuesday. Prices closed near mid-range on short covering. The bean oil bears still have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the October high of 42.12 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the October low of 39.20 cents. First resistance is seen at 41.00 cents and then at today’s high of 41.27 cents. First support is seen at 40.50 cents and then at today’s low of 40.18 cents. Wyckoff’s Market Rating: 2.5
December Chicago SRW wheat closed down 3/4 cent at $6.45 1/2 Tuesday. Prices closed near the session low and closed at another fresh seven-week low close today. Slack demand for U.S. wheat continues to pressure the futures market. Wheat bears have the solid near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.75 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the August low of $6.35 1/2. First resistance is seen at today’s high of $6.52 and then at this week’s high of $6.59 1/2. First support lies at last week’s low of $6.44 and then at $6.35 1/2. Wyckoff’s Market Rating: 2.0
December HRW wheat closed down 3 1/2 cents at $7.02 3/4 Tuesday. Prices closed near the session low and hit a fresh six-week low today. The HRW wheat market bears have the solid near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.50. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the September low of $6.87 3/4. First resistance is seen at this week’s high of $7.14 3/4 and then at $7.25. First support is seen at $7.00 and then at $6.87 3/4. Wyckoff’s Market Rating: 2.0
December oats closed down 3 3/4 cents at $3.36 1/2 Tuesday. Prices closed near mid-range. Bulls have the slight near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.25. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October high of $3.48 1/4. First support lies at today’s low of $3.32 3/4 and then at $3.30. First resistance is seen at this week’s high of $3.41 3/4 and then at $3.45. Wyckoff’s Market Rating: 5.5
