March corn futures closed down 3 cents at $4.33 1/2 Thursday. Prices closed near mid-range. Anemic export demand for U.S. corn amid the recent record corn crop harvested remain very bearish elements for corn. Corn bears are in solid overall near-term technical control. Prices are in a 3.5-month-old downtrend on the daily bar chart. 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 the recent contract low of $4.18 1/2. First resistance for March corn is seen at this week’s high of $4.39 3/4 and then at $4.45. First support is seen at $4.30 and then at $4.26 1/2. Wyckoff’s Market Rating: 2.0
January soybeans closed down 1 1/2 cents at $13.28 a bushel Thursday. Prices closed nearer the session high today on mild profit taking after hitting a 2.5-month high on Monday. There is generally favorable planting and growing weather so far in South American soybean regions and that’s bearish for beans. Soybean bulls still have the 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 this week’s high of $13.46 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $13.00. First resistance is seen at $13.34 1/2 and then at $13.46. First support is seen at today’s low of $13.16 and then at this week’s low of $13.11 1/4. Wyckoff’s Market Rating: 6.0
March soybean meal closed down $2.20 at $418.50 Thursday. Prices closed near mid-range on profit taking today. Bulls have the near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at the September high of $434.10. 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 $422.60 and then at $425.00. First support is seen at this week’s low of $415.00 and then at $412.00. Wyckoff’s Market Rating: 6.0
March bean oil closed up 27 points at 41.02 cents Thursday. Prices closed nearer the session high today on short covering. Prices Tuesday hit a two-month low. The bean oil bears still have the solid 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 42.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the October low of 39.88 cents. First resistance is seen at today’s high of 41.11 cents and then at 41.50 cents. First support is seen at 40.75 cents and then at this week’s low of 40.35 cents. Wyckoff’s Market Rating: 2.0
March Chicago SRW wheat closed down 9 3/4 cents at $6.62 Thursday. Prices closed nearer the session low today and closed at a fresh three-month low close. The bulls have faded quickly. Some bearish USDA weekly export sales data Thursday helped to sink the wheat market. Wheat bears have the solid overall near-term technical advantage and regained downside momentum today. 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 contract low of $6.47 3/4. First resistance is seen at today’s high of $6.63 and then at $6.68. First support lies at today’s low of $6.50 3/4 and then at $6.47 3/4. Wyckoff’s Market Rating: 1.0
March HRW wheat closed down 9 cents at $6.95 1/4 Thursday. Prices closed nearer the session low and matched the contract low scored in September. The HRW wheat market bears have the solid overall near-term technical advantage and regained downside momentum today. A bullish “rounding-bottom” reversal pattern on the daily bar chart has been negated. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at this week’s high of $7.16 1/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.75. First resistance is seen at $7.00 and then at today’s high of $7.06. First support is seen at today’s low of $6.94 1/4 and then at $6.90. Wyckoff’s Market Rating: 1.0
March oats closed down 1 cent at $3.25 3/4 Thursday. Prices closed near mid-range. Bulls have the slight near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.15. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.50. First support lies at today’s low of $3.24 and then at $3.20. First resistance is seen at today’s high of $3.27 3/4 and then at $3.30. Wyckoff’s Market Rating: 5.5
