March corn futures last traded up 5 cents at $7.29 yesterday in late trading. Prices were near mid-range and hit another fresh four-week high yesterday. Bulls have gained good upside near-term technical momentum recently. There are early technical clues that a near-term market low is in place. However, the bulls have more work to do in the near-term to suggest a price uptrend can be sustained. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $7.50. The next downside price breakout objective for the bears is pushing and closing prices below psychological support at $7.00. First resistance for March corn is seen at yesterday’s high of $7.34 1/2 and then at $7.40. First support is seen at $7.25 and then at yesterday’s low of $7.22. Wyckoff’s Market Rating: 5.0
March soybeans were down 4 1/2 cents at $14.13 1/2 a bushel in late trading yesterday. Prices saw some profit taking after big gains Monday. Prices yesterday hit a fresh three-week high early on. Bulls have gained some fresh upside technical momentum to begin to suggest a market low is in place. But bulls have more heavy lifting to do in the near term to better suggest such and to also suggest prices can begin a fresh uptrend. Soybean bears still have the overall 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 $14.50 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $13.51 1/2. First resistance is seen at $14.25 and then at yesterday’s high
of $14.36 1/4. First support is seen at yesterday’s low of $14.08 and then at $14.00. Wyckoff’s Market Rating: 4.0.
March soybean meal was down $5.60 at $411.90 yesterday in late trading. Prices were near the session low and did hit a fresh two-week high early on yesterday. Meal bears have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $425.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the last week’s low of $392.40. First resistance comes in at $415.00 and then at $417.50. First support is seen at $410.00 and then at $407.50. Wyckoff’s Market Rating: 3.5
March bean oil was up 30 points at 50.75 cents in late trading yesterday. Prices were near mid-range on more short covering and bargain hunting. 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 December high of 51.85 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at last week’s low of 49.12 cents. First resistance is seen at 51.00 cents and then at yesterday’s high of 51.25 cents. First support is seen
at yesterday’s low of 50.37 cents and then at 50.00 cents. Wyckoff’s Market Rating: 4.0
March Chicago SRW wheat was up 16 1/4 cents at $7.83 1/4 in late trading yesterday. Prices were nearer the session high and hit a fresh three-week high yesterday. More short covering and bargain hunting were featured. There are early technical clues to suggest a near-term market low is in place. Wheat bears still have the slight overall near-term technical advantage. However, a two-month-old downtrend on the daily bar chart was at least temporarily negated yesterday. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $8.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week’s low of $7.36 1/4. First resistance is seen at yesterday’s high of $7.89 3/4 and then at $8.00. First support lies at $7.75 and then at yesterday’s low of $7.66 1/2. Wyckoff’s Market Rating: 4.5.
March K.C. HRW wheat was up 14 1/4 cents at $8.37 3/4 in late trading yesterday. Prices were nearer the session high and hit a fresh three-week high yesterday. There are early technical clues to suggest a near-term market low is in
place. HRW bears 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 $8.75. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at last week’s low of $7.85 1/4. First resistance is seen at yesterday’s high of $8.44 3/4 and then at $8.50. First support is seen at $8.30 and then at yesterday’s low of $8.23. Wyckoff’s Market Rating: 4.5
March oats were up 3 1/4 cents at $3.57 1/4 in late trading yesterday. Prices were nearer the session high and hit a fresh three-week high on more short covering. Oats bears still have the slight overall near-term technical advantage but the bulls have gained good upside momentum to suggest a near-term market low is in place. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at last week’s low of $3.28 1/2. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.68. First support lies at yesterday’s low of $3.51 1/2 and then at this week’s low of $3.48 1/2. First resistance is seen yesterday’s high of $3.60 3/4 and then at $3.65. Wyckoff’s Market Rating: 4.5
