GRAINS: May corn futures last traded up 3 3/4 cents at $7.07 yesterday in late trading. Prices were near mid-range. The corn market is at a near-term inflection point. Price action this week will be extra important. Bulls and bears are on a level near-term technical playing field. Traders are awaiting Friday’s latest USDA supply and demand report. How corn prices close on Friday could set the tone for trading the next few weeks. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $7.20. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $6.78 1/2. First resistance for May corn is seen at and then at $7.10 and then at this week’s high of $7.12 3/4. First support is seen at yesterday’s low of $7.02 1/2 and then at $7.00. Wyckoff’s Market Rating: 5.0
May soybeans were up 2 1/4 cents at $14.64 1/4 a bushel in late trading yesterday. Prices were nearer the session low yesterday on more short covering. Bulls and bears are on a level near-term technical playing field. However, the bulls do have in their favor a choppy uptrend that is in place from the January low. Traders are awaiting Friday’s USDA supply and demand report. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above psychological resistance at $15.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the February low of $13.93 1/2. First resistance is seen at $14.75 and then at yesterday’s high of $14.81 3/4. First support is seen at yesterday’s low of $14.59 and then at $14.50. Wyckoff’s Market Rating: 5.0.
May soybean meal was up $1.00 at $434.70 yesterday in late trading. Prices were nearer the session low on short covering. Bulls have the slight near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the February high of $443.90. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $420.00. First resistance comes in at $438.00 and then at $440.00. First support is seen at yesterday’s low of $432.80 and then at $430.00. Wyckoff’s Market Rating: 5.5
May bean oil was down 13 points at 50.13 cents in late trading yesterday. Prices were nearer the session low. Bean oil bears have the overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 51.00 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 48.67 cents. First resistance is seen at 50.50 cents and then at yesterday’s high of 50.75 cents. First support is seen at 50.00 cents and then at this week’s low of 49.48 cents. Wyckoff’s Market Rating: 3.0
May Chicago SRW wheat was up 1/2 cent at $7.03 in late trading yesterday. Prices were nearer the session low. Prices Monday hit an 8.5-month low. Good moisture in the U.S. Plains states recently, and more in the forecast, has been bearish for the wheat market recently. Prices are in a seven-week-old downtrend on the daily bar chart. Wheat bears have the solid overall near-term technical advantage. Traders are awaiting Friday’s monthly USDA supply and demand report. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.30 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last June’s low of $6.79. First resistance is seen at $7.10 and then at this week’s high of $7.22. First support lies at this week’s low of $6.97 1/2 and then at $6.90. Wyckoff’s Market Rating: 1.5.
May HRW wheat was up 2 cents at $7.40 in late trading yesterday. Prices were near the session low. Prices are hovering near an 8.5-month low. 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 $7.75. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.25. First resistance is seen at $7.50 and then at this week’s high of $7.57. First support is seen at last week’s low of $7.32 3/4 and then at $7.25. Wyckoff’s Market Rating: 1.5
May oats were up 2 3/4 cents at $3.87 in late trading yesterday. 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 the February low of $3.58 1/4. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the February high of $3.93 1/2. First support lies at yesterday’s low of $3.83 1/2 and then at $3.80. First resistance is seen at yesterday’s high of $3.90 and then at $3.91. Wyckoff’s Market Rating: 6.0
