GRAINS: May corn futures closed down 50 cents at $6.45 1/4 Monday. Prices careened to a fresh nine-month low in the wake of a very bearish USDA corn stocks report last Thursday. Very serious chart damage has been inflicted and now the bears have the solid technical advantage heading into the critical planting and growing season in the U.S. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at Monday’s high of $6.79. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $6.25. First resistance for May corn is seen at $6.50 and then at $6.60. First support is seen at Monday’s low of $6.36 1/2 and then at $6.30. Wyckoff’s Market Rating: 2.5
May soybeans closed down 12 1/4 cents at $13.92 1/2 a bushel Monday. Prices closed nearer the session low and hit a fresh 10-week low. A bearish USDA report for soybeans and sharply lower trade in corn futures have worked to sink soybeans. The soybean market bears have the 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 last week’s high of $14.59 3/4 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $13.44. First resistance is seen at $14.00 and then at Monday’s high of $14.08 1/4. First support is seen at Monday’s low of $13.86 1/4 and then at $13.75. Wyckoff’s Market Rating: 3.0.
May soybean meal closed down $5.60 at $399.00 Monday. Prices closed nearer the session low and hit a fresh 10-week low Monday. The bears have the near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $410.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $387.80. First resistance comes in at $402.10 and then at $405.00. First support is seen at Monday’s low of $396.40 and then at $395.00. Wyckoff’s Market Rating: 3.0
May bean oil closed up 1 point at 50.12 cents Monday. Prices closed nearer the session high. Bean oil bulls have faded a bit. Bears have the slight 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 March high of 51.03 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 49.03 cents. First resistance is seen at Monday’s high of 50.50 cents and then at 50.78 cents. First support is seen at 49.75 cents and then at 49.52 cents. Wyckoff’s Market Rating: 4.5
May Chicago SRW wheat closed down 23 3/4 cents at $6.64 Monday. Prices closed nearer the session low and hit a fresh contract low. Sharply lower corn prices have hit the wheat market hard, too. The wheat bears have the solid overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.50. First resistance is seen at $6.75 and then at Monday’s high of $6.88 3/4. First support lies at Monday’s low of $6.59 3/4 and then at $6.50. Wyckoff’s Market Rating: 1.0.
May HRW wheat closed down 17 1/4 cents at $7.09 1/2 Monday. Prices closed nearer the session low and hit a fresh 9.5-month low Monday. HRW bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.35. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at Monday’s high of $7.29 and then at $7.40. First support is seen at Monday’s low of $7.04 1/2 and then at $7.00. Wyckoff’s Market Rating: 1.0
May oats closed down the 20-cent limit at $3.76 1/4 Monday. Prices hit a fresh three-week low yesterday and have been pressured by the bigger grains getting hammered lower the past two sessions. Oats bulls have the slight overall near-term technical advantage but are fading very fast. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at the February low of $3.58 1/4. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.95. First support lies at $3.75 and then at $3.70. First resistance is seen at $3.80 and then at $3.85. Wyckoff’s Market Rating: 5.5
