March corn futures last traded down 6 1/2 cents at $6.95 3/4 yesterday in late trading. Prices were near mid-range and hit another fresh four-week low yesterday. Bulls have faded badly recently as serious near-term technical damage has been inflicted the past week. The seasonal “February Break” phenomenon appears to be setting in. Corn bears have the near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $7.20. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $6.78. First resistance for March corn is seen at $7.00 and then at yesterday’s high of $7.03 1/4. First support is seen at yesterday’s low of $6.91 1/4 and then at $6.85. Wyckoff’s Market Rating: 3.5
March soybeans were down 7 3/4 cents at $14.23 3/4 a bushel in late trading yesterday. Prices were nearer the session low and hit a fresh three-week low yesterday. Bulls are fading fast amid the grips of what appears to be the “February Break” seasonal weakness phenomenon. Bean bears have the near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above psychological resistance at $15.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $14.00. First resistance is seen at yesterday’s high of $14.38 1/2 and then at this week’s high of $14.50 3/4. First support is seen at $14.15 and then at $14.00. Wyckoff’s Market Rating: 4.0.
March soybean meal was down $1.40 at $411.60 yesterday in late trading. Prices were near mid-range and hit a fresh three-week low yesterday as the bulls are fading fast. Bears have the near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of $441.20. 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 yesterday’s high of $416.50 and then at $420.00. First support is seen
at yesterday’s low of $408.60 and then at $405.00. Wyckoff’s Market Rating: 4.0
March bean oil was down 14 points at 51.10 cents in late trading yesterday. Prices were near mid-range. Bulls are fading. Bean oil bulls and bears are now on a level near-term technical playing field. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the February high of 53.57 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 50.00 cents. First resistance is seen at yesterday’s high of 51.47 cents and then at 52.00 cents. First support is seen at this week’s low of 50.77 cents and then at 50.00 cents. Wyckoff’s Market Rating: 5.0
March Chicago SRW wheat was down 12 cents at $7.29 1/2 in late trading yesterday. Prices were nearer the session low
yesterday and hit a fresh 7.5-month low. Prices are in a three-week-old downtrend on the daily bar chart. The seasonal
“February Break” phenomenon appears at hand in the wheat market. Wheat bears have the solid overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.70 3/4 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $7.00. First resistance is seen at yesterday’s high of $7.44 1/4 and then at $7.50. First support lies at yesterday’s low of $7.25 1/2 and then at $7.20. Wyckoff’s Market Rating: 2.5.
March K.C. HRW wheat was down 11 1/4 cents at $7.77 1/2 in late trading yesterday. Prices were nearer the session low and hit a fresh 7.5-month low yesterday. HRW 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 $8.15 3/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.50. First resistance is seen at yesterday’s high of $7.93 and then at $8.00. First support is seen at yesterday’s low of $7.74 and then at $7.70. Wyckoff’s Market Rating: 2.5
March oats were down 4 cents at $3.77 in late trading yesterday. Prices were near mid-range and saw some more profit
taking after prices last week hit a six-week high. Oats bulls still have the near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.65. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of $3.89 3/4. First support lies at $3.75 and then at yesterday’s low of $3.72 1/2. First resistance is seen at yesterday’s high of $3.80 and then at $3.83. Wyckoff’s Market Rating: 6.0
