GRAINS: March corn futures were up 11 cents at 7.42 inlate trading yesterday. Prices were nearer the session high onshort covering and bargain hunting. The key “outsidemarkets” were in a bullish posture for corn yesterday as theU.S. dollar index was lower and crude oil prices weresharply higher. Corn bulls and bears are now back on alevel near-term technical playing field. Corn bulls’ nextupside price objective is to push and close prices abovesolid technical resistance at $7.50. The next downsideprice breakout objective for the bears is pushing andclosing prices below solid technical support at theSeptember low of $7.08 3/4. First resistance for March cornis seen at yesterday’s high of $7.44 3/4 and then at $7.50.First support is seen at $7.35 and then at yesterday’s low of$7.30. Wyckoff’s Market Rating: 5.0
January soybeans were up 11 1/4 cents at $13.94 1/2 abushel in late trading yesterday. Prices were near mid-rangeand seeing bargain hunting and short covering. PricesFriday hit a 3.5-month low. The key “outside markets” werebullish for the soybean market yesterday as the U.S. dollarindex was lower and crude oil prices were sharply higher.Soybean bears still have the solid overall near-termtechnical advantage. A 2.5-month-old downtrend is in placeon the daily bar chart. The next near-term upside technicalbreakout objective for the soybean bulls is pushing andclosing January prices above solid technical resistance at$14.50 a bushel. The next downside price breakout objectivefor the bears is pushing and closing prices below solidtechnical support at $13.50. First resistance is seen atyesterday’s high of $14.02 3/4 and then at $14.15. Firstsupport is seen at yesterday’s low of $13.85 1/2 and then atlast week’s low of $13.72 1/4. Wyckoff’s Market Rating:3.0.
March soybean meal was up $2.90 at $412.10 in late tradingyesterday. Prices were near mid-range and saw some shortcovering and bargain hunting. Prices Friday hit a 3.5-monthlow. Meal bears still have the solid overall near-termtechnical advantage. A two-month-old downtrend is in placeon the daily bar chart. The next upside price breakoutobjective for the bulls is to produce a close above solidtechnical resistance at $435.00. The next downside pricebreakout objective for the bears is pushing and closingprices below solid technical support at $400.00. Firstresistance comes in at yesterday’s high of $414.40 and then atFriday’s high of $416.50. First support is seen at yesterday’slow of $409.90 and then at Friday’s low of $406.50.Wyckoff’s Market Rating: 3.0
March bean oil was up 71 points at 48.54 cents in latetrading yesterday. Prices were nearer the session high on shortcovering and bargain hunting. The key “outside markets”were bullish for the soybean oil market yesterday as the U.S.dollar index was lower and crude oil prices were sharplyhigher. Bean oil bears still have the solid overall near-term technical advantage. The next upside price breakoutobjective for the bean oil bulls is pushing and closingprices above solid technical resistance at 50.00 cents.Bean oil bears’ next downside technical price breakoutobjective is pushing and closing prices below solidtechnical support at 47.00 cents. First resistance is seenat yesterday’s high of 48.90 cents and then at 49.50 cents.First support is seen at 48.00 cents and then at yesterday’slow of 47.70 cents. Wyckoff’s Market Rating: 2.0
March Chicago SRW wheat was up 5 cents at $8.59 in latetrading yesterday. Prices were near mid-range late yesterday. Thekey “outside markets” were bullish for the wheat marketyesterday as the U.S. dollar index was lower and crude oilprices were sharply higher. Short covering and bargainhunting were featured. Prices Friday hit a fresh four-monthlow. Bulls and bears are back on a level near-termtechnical playing field. Wheat bulls’ next upside breakoutobjective is to push and close Chicago SRW prices abovesolid technical resistance at $9.00 a bushel. The nextdownside price breakout objective for the wheat futuresbears is pushing and closing prices below solid technicalsupport at $8.00. First resistance is seen at yesterday’s highof $8.63 1/2 and then at $8.75. First support lies atyesterday’s low of $8.51 1/2 and then at Friday’s low of $8.45.Wyckoff’s Market Rating: 5.0.
March K.C. HRW wheat was up 1 1/2 cents at $8.94 1/4 inlate trading yesterday. Prices were near mid-range. PricesFriday hit a fresh six-week low. HRW bulls and bears are ona level near-term technical playing field, but the bullsare fading. Bulls’ next upside price breakout objective ispushing and closing prices above solid technical resistanceat $9.25. The bears’ next downside breakout objective ispushing and closing prices below solid technical support atthe September low of $8.85. First resistance is seen atyesterday’s high of $9.01 and then at $9.13 1/4. First supportis seen at yesterday’s low of $8.89 1/4 and then at $8.85.Wyckoff’s Market Rating: 5.0
March oats were up 10 cents at $3.84 1/2 yesterday in latetrading. Prices were nearer the session high and hit afresh two-week high yesterday. Oats bulls yesterday regained upsidetechnical momentum and have the overall near-term technicaladvantage. Bears’ next downside price breakout objective ispushing and closing prices below solid technical support atthe November low of $3.62 1/2. Bulls’ next upside pricebreakout objective is pushing and closing prices abovesolid technical resistance at $4.00. First support lies at$3.80 and then at $3.78. First resistance is seen atyesterday’s high of $3.88 1/4 and then at $3.90. Wyckoff’sMarket Rating: 6.0
