GRAINS: December corn futures closed up 2 1/2 cents at $5.48 1/2 Tuesday. Prices closed near mid-range and saw position evening featured ahead of Wednesday’s monthly USDA supply and demand report. Bears have the overall near-term technical advantage as prices are trading in the middle of a choppy range at lower price levels. A bull flag pattern may be developing on the daily bar chart, however. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of $5.73 1/2. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $5.30. First resistance for December corn is seen at $5.50 and then at this week’s high of $5.54 1/4. First support is seen at last week’s low of $5.39 1/2 and then at $5.36 3/4. Wyckoff’s Market Rating: 4.0
November soybeans closed up 5 1/4 cents at $13.24 a bushel Tuesday. Prices closed nearer the session high. The soybean market bulls have the solid overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Traders are awaiting Wednesday morning’s monthly USDA supply and demand report. 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 $13.33 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 $12.85 1/4. First resistance is seen at Tuesday’s high of $13.27 and then at $13.33. First support is seen at Tuesday’s low of $13.14 and then at this week’s low of $13.07 1/2. Wyckoff’s Market Rating: 7.5.
December soybean meal closed up $2.90 at $396.40 Tuesday. Prices closed nearer the session high. Prices are hovering near last week’s nine-month high. The meal bulls have the solid near-term technical advantage. Prices are in a steep six-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $400.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $378.90. First resistance comes in at last week’s high of $397.30 and then at $400.00. First support is seen at $395.00 and then at Tuesday’s low of $390.90. Wyckoff’s Market Rating: 7.5
December bean oil closed down 33 points at 47.14 cents Tuesday. Prices closed nearer the session low and closed at a fresh contract low close. The bean oil bears have the solid 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 48.25 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 46.00 cents. First resistance is seen at 47.50 cents and then at Tuesday’s high of 47.63 cents. First support is seen at Tuesday’s low of 47.08 cents and then at the contract low of 46.95 cents. Wyckoff’s Market Rating: 1.0
December Chicago SRW wheat closed up 4 1/4 cents at $7.18 Tuesday. Prices closed nearer the session high and saw short covering in a bear market. Some position evening was also featured ahead of Wednesday’s monthly USDA supply and demand report. The wheat market bears still 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 the June high of $7.38 1/4 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the May low of $6.97. First resistance is seen at Tuesday’s high of $7.21 1/2 and then at $7.26. First support lies at Tuesday’s low of $7.10 1/2 and then at this week’s low of $7.03 1/4. Wyckoff’s Market Rating: 2.5.
December HRW wheat closed up 1 1/4 cents at $7.52 1/2 Tuesday. Prices closed near mid-range and saw tepid short covering in a bear market. The HRW wheat market 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 the June high of $7.85. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the April low of $7.39 1/2. First resistance is seen at this week’s high of $7.59 1/4 and then at $7.68 1/2. First support is seen at this week’s low of $7.45 1/2 and then at $7.39 1/2. Wyckoff’s Market Rating: 2.0
December oats closed up 3 1/4 cents at $3.84 3/4 Tuesday. Prices closed nearer the session high and hit a fresh eight-month high. Oats bulls have the solid near-term technical advantage and have gained more power this week. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.74. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October 2012 high of $3.92 3/4. First support lies at $3.80 and then at Tuesday’s low of $3.76 3/4. First resistance is seen at Tuesday’s high of $3.88 and then at $3.90. Wyckoff’s Market Rating: 7.5
