GRAINS: December corn futures closed up 17 cents at $4.72 1/4 Thursday. Prices closed near the session high Thursday on heavy short covering and fresh bargain hunting. A sharply lower U.S. dollar index Thursday was also supportive to corn. Wednesday’s and Thursday’s price action gives the bulls some fresh upside momentum and it also strongly hints that a market bottom is in place, or at least very close to it. The bears at present still have the overall near-term technical advantage in corn. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.80. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $4.45 3/4. First resistance for December corn is seen at Thursday’s high of $4.75 1/2 and then at $4.80. First support is seen at $4.69 and then at $4.65. Wyckoff’s Market Rating: 2.5
November soybeans closed up 26 1/2 cents at $12.65 1/2 a bushel Thursday. Prices closed nearer the session high and hit a fresh three-week high. Bulls gained good upside momentum Thursday amid the sharply lower U.S. dollar index and drier and warmer weather forecasts for the U.S. Corn Belt in the coming days. This week’s price action in soybeans suggests the market has put in a near-term low and that prices can now trend sideways to higher in the near term. The soybean market bulls now have the slight overall near-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 $13.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $12.40. First support is seen at $12.50 and then at $12.40. First resistance is seen at Thursday’s high of $12.69 and then at $12.75. Wyckoff’s Market Rating: 5.5.
December soybean meal closed up $8.50 at $387.60 Thursday. Prices closed nearer the session high and hit another fresh three-week high. The meal bulls have regained the near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the July high of $393.30. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $365.00. First resistance comes in at Thursday’s high of $388.80 and then at $390.00. First support is seen at $385.00 and then at $382.50. Wyckoff’s Market Rating: 6.0
December bean oil closed up 82 points at 43.45 cents Thursday. Prices closed nearer the session high and hit a three-week high on short covering. If there is follow-through buying and a bullish weekly high close on Friday, then that would be an early technical clue that a market bottom is in place. But right now the bears are in near-term technical command. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 44.60 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the August low of 41.85 cents. First resistance is seen at Thursday’s high of 43.55 cents and then at 44.00 cents. First support is seen at 43.00 cents and then at Thursday’s low of 42.69 cents. Wyckoff’s Market Rating: 2.5
December Chicago SRW wheat closed up 6 3/4 cents at $6.49 1/2 Thursday. Prices closed nearer the session high and saw short covering in a bear market. Prices Wednesday hit a contract low. The wheat market bears still have the solid overall near-term technical advantage. There are still no early technical clues of a market bottom being close at hand for wheat. However, if corn and soybeans can trend sideways to higher in the near term, which will follow. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.65 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.25. First resistance is seen at Thursday’s high of $6.53 and then at $6.60. First support lies at Thursday’s low of $6.40 3/4 and then at the contract low of $6.35 1/2. Wyckoff’s Market Rating: 1.5.
December HRW wheat closed up 3 1/4 cents at $7.06 1/4 Thursday. Prices closed nearer the session high on tepid short covering in a bear market. Prices Wednesday hit a contract low. The HRW wheat market bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the July high of $7.37 1/2. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.75. First resistance is seen at this week’s high of $7.13 3/4 and then at $7.20. First support is seen at $7.00 and then at the contract low of $6.94 1/2. Wyckoff’s Market Rating: 1.0
December oats closed up 2 3/4 cents at $3.31 1/4 Thursday. Prices closed nearer the session high on more short covering in a bear market. Bears still have the overall near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.10. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.40. First support lies at $3.29 and then at Thursday’s low of $3.27 1/2. First resistance is seen at the August high of $3.33 3/4 and then at $3.35. Wyckoff’s Market Rating: 2.5
