GRAINS: May corn futures closed up 9 3/4 cents at $5.01 3/4 Monday. Prices closed nearer the session high, scored big and a bullish “outside day” up on the daily bar chart, hit a fresh seven-month high and closed at bullish monthly and quarterly high close today. A bullish planting intentions report from USDA helped to boost corn today. Corn prices are in a nearly three-month-old uptrend on the daily bar chart. Corn bulls have the solid overall near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the August 2013 high of $5.27 1/2. The next downside price breakout objective for the bears is pushing and closing prices below solid support at today’s low of $4.75 1/2. First resistance for May corn is seen at today’s high of $5.03 3/4 and then at $5.10. First support is seen at $4.96 1/4 and then at $4.90.
–JimWyckoff
May soybeans closed up 25 1/2 cents at $14.62 a bushel Monday. Prices closed nearer the session high, hit a fresh contract high and closed at a bullish monthly and quarterly high close today. The soybean market was boosted by corn’s big gains, as the USDA data for soybeans today was mostly as expected. Importantly, soybeans today were able to break out above the recent choppy congestion area at higher price levels, which is also bullish. The soybean bulls have the solid 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 $15.00 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $14.00. First resistance is seen at today’s contract high of $14.66 1/2 and then at $14.75. First support is seen at $14.50 and then at $14.40. Wyckoff’s Market Rating: 8.0
May soybean meal closed up $10.90 at $479.30 Monday. Prices closed near the session high, hit a fresh contract high, scored a bullish “outside day” up and closed at a bullish monthly and quarterly high close today. Bulls have the solid overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $490.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $460.00. First resistance comes in at today’s contract high of $479.80 and then at $485.00. First support is seen at $475.00 and then at $471.80. Wyckoff’s Market Rating: 8.5
May bean oil closed down 6 points at 40.42 cents Monday. Prices closed near mid-range and hit another fresh six-week low today. The bean oil bears have the overall near-term technical advantage. Prices are in a steep three-week-old downtrend. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 42.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 39.00 cents. First resistance is seen at today’s high of 40.79 cents and then at 41.10 cents. First support is seen at 40.00 cents and then at today’s low of 39.85 cents. Wyckoff’s Market Rating: 3.0
May Chicago SRW wheat closed up 1 3/4 cents at $6.97 1/4 Monday. Prices closed nearer the session high today after hitting a two-week low early on. Today’s USDA report was mostly neutral for wheat. Poor growing and wheat plant conditions for the U.S. hard red winter crop are still bullish for all wheat futures. The wheat bulls have the overall near-term technical advantage, but have faded a bit and need to show fresh power soon. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the March high of $7.23 1/2 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.71 3/4. First resistance is seen at today’s high of $7.02 and then at $7.10. First support lies at $6.86 and then at today’s low of $6.76 1/2. Wyckoff’s Market Rating: 6.5
May HRW wheat closed up 1/2 cent at $7.64 Monday. Prices closed nearer the session high today after hitting a two-week low early on. The wheat bulls still have the overall technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $8.00. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at today’s low of $7.48 1/4. First resistance is seen at today’s high of $7.68 1/2 and then at $7.75. First support is seen at $7.60 and then at $7.50. Wyckoff’s Market Rating: 6.5
May oats closed down 3 cents at $3.99 Monday. Prices closed nearer the session high today, but did close at a bearish monthly low close. Bears have the near-term technical advantage. A four-week-old downtrend is in place on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at last week’s low of $3.86. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.20. First support lies at $3.95 and then at today’s low of $3.90 1/2. First resistance is seen at today’s high of $4.04 and then at $4.10. Wyckoff’s Market Rating: 4.0
