GRAINS: December corn futures closed up 8 3/4 cents at $3.41 1/4 today. Prices closed near the session high again today and hit a three-week high. More short covering was featured. A lower U.S. dollar index this week has also aided the corn market bulls. While corn bears still have the overall near-term technical advantage, the bulls are making a move this week. A bullish weekly high close on Friday, or close to it, would be an early technical clue this market has finally bottomed out. The next downside price objective for the bears is to push and close prices below solid technical support at the contract low of $3.18 1/4. The next upside price breakout objective for the bulls is pushing and closing prices above solid resistance at $3.50. First resistance for December corn is seen at today’s high of $3.42 1/4 and then at $3.45. First support is seen at $3.35 and then at $3.30. Wyckoff’s Market Rating: 2.5
November soybeans closed down 1 1/4 cents at $9.41 a bushel today. Prices closed nearer the session low and hit a two-week high. A lower U.S. dollar index aided the bean market bulls again today and limited selling pressure. The soybean bears still have the firm overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $9.75 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the contract low of $9.04. First resistance is seen at $9.50 and then at today’s high of $9.55. First support is seen at today’s low of $9.33 1/4 and then at $9.25. Wyckoff’s Market Rating: 2.0
December soybean meal closed up $3.70 at $312.60 today. Prices closed near mid-range and hit a three-week high on more short covering. The soybean meal bears still have the overall near-term technical advantage. However, the bulls this week have gained some upside momentum. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $325.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $300.00. First resistance comes in at today’s high of $316.80 and then at $320.00. First support is seen at $310.00 and then at today’s low of $306.70. Wyckoff’s Market Rating: 2.5
December bean oil closed down 35 points at 33.10 cents today. Prices closed near the session low today. Short 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 September high of 33.83 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 31.52 cents. First resistance is seen at today’s high of 33.57 cents and then at 33.83 cents. First support is seen at 33.00 cents and then at this week’s low of 32.42 cents. Wyckoff’s Market Rating: 2.5
December Chicago SRW wheat closed up 14 3/4 cents at $5.06 1/4 today. Prices closed nearer the session high and hit another three-week high today on more short covering and bargain hunting. The lower U.S. dollar index today was supportive for the wheat bulls. The wheat bears still have the overall near-term technical advantage. However, the bulls have gained some upside momentum this week and a bullish “rounding-bottom” reversal pattern has formed on the daily chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $5.25. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $4.80. First resistance is seen at today’s high of $5.09 1/2 and then at $5.20. First support lies at $5.00 and then at today’s low of $4.89 1/4. Wyckoff’s Market Rating: 2.5
December HRW wheat closed up 12 3/4 cents at $5.88 1/4 today. Prices closed nearer the session high, hit a three-week high and saw more short covering. The wheat bears still have the overall near-term technical advantage. However, the bulls have gained upside momentum this week. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.00. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the contract low of $5.50. First resistance is seen at today’s high of $5.95 3/4 and then at $6.00. First support is seen at $5.80 and then at today’s low of $5.73 1/2. Wyckoff’s Market Rating: 2.5
December oats closed up 3/4 cent at $3.51 1/4 today. Prices closed nearer the session low and hit a three-week high early on today. The bulls have the near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.35. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the August high of $3.60 3/4. First support lies at today’s low of $3.48 1/4 and then at $3.45. First resistance is seen at today’s high of $3.56 and then at $3.60 3/4. Wyckoff’s Market Rating: 6.0
