December corn futures were up 1 cent at 7.62 1/2 in late trading yesterday. Prices were near mid-range. The key “outside markets” were modestly bearish for corn yesterday as the U.S. dollar index was firmer and crude oil prices were lower. Corn prices are moving above key chart support at $7.32 1/4, to keep a three-week-old uptrend on the daily chart alive. A close below that level would open up downside potential to the $7.00 area. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the October high of $7.76. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $7.32 1/4. First resistance for December corn is seen at last week’s high of $7.69 and then at $7.76. First support is seen at yesterday’s low of $7.58 1/4 and then at $7.50. Wyckoff’s Market Rating: 6.0
November soybeans were up 12 cents at $15.46 a bushel in late trading yesterday. Prices were near mid-range and saw more short covering and bargain hunting. The key “outside markets” were modestly bearish for beans yesterday as the U.S. dollar index was firmer and crude oil prices were lower. That did limit the upside in beans. Bulls and bears are on a level near-term technical playing field. However, bulls
have more work to do to suggest an uptrend can be sustained. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above solid technical resistance at $15.74 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $14.85 3/4. First resistance is seen at yesterday’s high of $15.58 1/2 and then at $15.74. First support is seen at yesterday’s low of $15.26 1/2 and then at $15.07 1/2. Wyckoff’s Market Rating: 5.0.
December soybean meal was up $7.30 at $471.10 in late trading yesterday. Prices were nearer the session high. More short covering and bargain hunting were featured. Meal bulls and bears are now back on a level near-term technical playing field. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $479.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $450.00. First resistance comes in at yesterday’s high of $472.20 and then at $475.00. First support is seen at $467.50 and then at $465.00. Wyckoff’s Market Rating: 5.0
December bean oil was up 6 points at 51.64 cents in late trading yesterday. Prices were near mid-range yesterday. 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 53.50 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 52.00 cents and then at last week’s high of 52.47 cents. First support is seen at yesterday’s low of 51.24 cents and then at 51.00 cents. Wyckoff’s Market Rating: 3.0
December Chicago SRW wheat was up 4 1/2 cents at $8.77 in late trading yesterday. Prices were near mid-range. The key “outside markets” were modestly bearish for wheat yesterday as the U.S. dollar index was firmer and crude oil prices were lower. Wheat bulls do have the slight near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $9.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the October low of $8.40 1/4. First resistance is seen at last week’s high of $8.85 1/2 and then at $8.94. First support lies at $8.66 and then at $8.55 1/2. Wyckoff’s Market Rating: 6.0.
December K.C. HRW wheat was up 4 3/4 cents at $9.12 3/4 in late trading yesterday. Prices were near mid-range. The HRW bulls have the overall near-term technical advantage and are gaining upside momentum. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October high of $9.29 3/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the September low of $8.72 1/2. First resistance is seen at last week’s high of $9.19 3/4 and then at $9.25. First support is seen at $9.00 and then at $8.92 1/4. Wyckoff’s Market Rating: 6.5
December oats were down 1 3/4 cent at $3.96 yesterday in late trading. Prices were near mid-range. Oats bulls have the near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.75. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the September high of $4.14. First support lies at yesterday’s low of $3.93 3/4 and then at $3.90. First resistance is seen at $4.00 and then at last week’s high of $4.04 1/2. Wyckoff’s Market Rating: 7.0
