December corn futures were down 17 cents at 7.35 3/4 in late trading yesterday. Prices were near the session low and have given back all of last week’s gains following the release of a bullish USDA report Thursday morning. The key “outside markets” were bearish for corn yesterday as the U.S. dollar index was firmer and crude oil prices were lower. Corn bulls have quickly faded as prices now are holding just above key chart support at last week’s low of $7.32 1/4. 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 last week’s high of $7.76. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $7.32 1/4. First resistance for December corn is seen at $7.40 and then at $7.50. First support is seen at $7.32 1/4 and then at $7.25. Wyckoff’s Market Rating: 5.5
November soybeans were down 33 cents at $14.89 1/2 a bushel in late trading yesterday. Prices were near the session low and hit a fresh 3.5-month low yesterday. The key “outside markets” were bearish for beans yesterday as the U.S. dollar index was firmer and crude oil prices were lower. Reports that South American soybean plantings will be record-large this year are also bearish for soybeans. Soybean bears yesterday regained the slight near-term technical advantage as a six-week-old downtrend on the daily bar chart is still in place. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above solid technical resistance at last week’s high of $15.74 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $14.50. First resistance is seen at $15.00 and then at yesterday’s high of $15.20. First support is seen at yesterday’s low of $14.85 3/4 and then at $14.75. Wyckoff’s Market Rating: 4.5.
December soybean meal was down $9.40 at $455.80 in late trading yesterday. Prices were nearer the session low yesterday and hit a fresh three-month low. Meal bears have regained the slight near-term technical advantage. Prices are still a six-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of $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 $460.00 and then at yesterday’s high of $465.10. First support is seen at yesterday’s low of $454.60 and then at $450.00. Wyckoff’s Market Rating: 4.5
December bean oil was down 76 points at 49.92 cents in late trading yesterday. Prices were near mid-range and hit a fresh four-month low yesterday. The key “outside markets” were bearish for bean oil yesterday as the U.S. dollar index was firmer and crude oil prices were lower. Bean oil bears have the solid overall near-term technical advantage. A six-week-old downtrend was re-established yesterday. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 52.29 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the June low of 48.64 cents. First resistance is seen at yesterday’s high of 50.63 cents and then at 51.00 cents. First support is seen at yesterday’s low of 49.41 cents and then at 49.00 cents. Wyckoff’s Market Rating: 2.0
December Chicago SRW wheat was down 9 3/4 cents at $8.47 in late trading yesterday. Prices were nearer the session low and hit a fresh three-month low yesterday. The key “outside markets” were bearish for wheat yesterday as the U.S. dollar index was firmer and crude oil prices were lower. Wheat was pressured by the big sell off in corn yesterday. Wheat bears gained some fresh downside technical momentum yesterday as prices may finally be breaking out on the downside of a sideways trading range at higher price levels. Bulls and bears are now back on a level near-term technical playing field. 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 $8.15. First resistance is seen at yesterday’s high of $8.60 1/4 and then at $8.70. First support lies at yesterday’s low of $8.40 1/4 and then at $8.30. Wyckoff’s Market Rating: 5.0.
December K.C. HRW wheat was down 10 1/2 cents at $8.79 3/4 in late trading yesterday. Prices were nearer the session low. Trading remains in a choppy and sideways trading range at higher price levels. However, bears have gained some fresh downside momentum as prices are at the bottom of the aforementioned trading range. The HRW bulls still have the slight overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of $9.25 1/2. 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 yesterday’s high of $8.94 3/4 and then at $9.00. First support is seen at $8.72 1/2 and then at $8.65. Wyckoff’s Market Rating: 5.5
December oats were down 4 1/2 cents at $3.87 1/2 yesterday in late trading. Prices were near mid-range. 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 $3.70. Bulls’ next upside price breakout objective is pushing and closing prices above major psychological resistance at $4.00. First support lies at yesterday’s low of $3.84 1/2 and then at $3.81 1/2. First resistance is seen at $3.90 and then at yesterday’s high of $3.92 1/2. Wyckoff’s Market Rating: 6.5
