by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY CORN
July corn futures closed down 9 1/2 cents at $6.04 yesterday. Prices closed near the session low yesterday on profit-taking pressure from strong gains Monday and on bearish “outside markets” yesterday–lower crude oil gold and a stronger U.S. dollar. Selling interest was limited, and will continue to be, by serious planting delays occurring in the U.S. Corn Belt. Bulls’ next upside price objective is to push and close prices above solid technical resistance at yesterday’s high of $6.20 1/2. The next downside price objective for the bears is to push and close prices below solid support at $6.00. First resistance for July corn is seen at $6.10 and then at $6.15. First support is seen at $6.00 and then at $5.96 3/4.
Wyckoff’s Market Rating: 7.5
JULY SOYBEAN
July soybeans closed down 3 cents at $12.94 1/2 yesterday. Prices closed nearer the session high yesterday. Buying interest was limited amid bearish “outside markets” and ideas of more soybean acres being planted in place of corn. Near-term chart damage has been inflicted this week. The next downside price objective for the bears is pushing and closing prices below solid techncial support at $12.50. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at this week’s high of $13.57 a bushel. First resistance for July soybeans is seen at yesterday’s high of $13.02 and then at $13.07. First support is seen at yesterday’s low of 12.80 and then at $12.65.
Wyckoff’s Market Rating: 4.0
JULY SOYBEAN MEAL
July soybean meal closed down $2.00 at $333.50 yesterday. Prices closed nearer the session high yesterday and hit a fresh three-week low. Chart damage has been inflicted this week. Bears have downside technical momentum on their side. The next downside price objective for the bears is pushing and closing prices below solid support at $325.00. The next upside price objective for the bulls is to produce a close above solid technical resistance at this week’s high of $350.00. First resistance comes in at yesterday’s high of $336.00 and then at $340.00. First support is seen at $330.00 and then at yesterday’s low of $328.80.
Wyckoff’s Market Rating: 4.0
JULY BEAN OIL
July bean oil closed down 68 points at 57.80 cents yesterday. Prices closed nearer the session low and closed at a fresh three-week low close yesterday. Chart damage has been inflicted this week as prices have seen a downside “breakout” from a bearish descending triangle pattern on the daily bar chart. Bears’ next downside technical price objective is pushing and closing prices below solid support at 56.00 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at this week’s high of 60.45 cents. First resistance is seen at 58.00 cents and then at yesterday’s high of 58.50 cents. First support is seen at yesterday’s low of 57.55 cents and then at 57.00 cents.
Wyckoff’s Market Rating: 4.0
JULY CHICAGO WHEAT
July Chicago SRW wheat closed down 31 cents at $8.10 yesterday. Prices closed nearer the session low and hit a fresh 3.5- month low yesterday. Bearish “outside markets”–lower crude oil and gold and a stronger U.S. dollar pressured wheat yesterday. Prices are still in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close July futures prices above solid technical resistance at $8.50 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $8.00 a bushel. First resistance is seen at $8.25 and then at yesterday’s high of $8.40. First support lies at $8.00 and then at the January low of $7.74.
Wyckoff’s Market Rating: 3.0
JULY K.C. WHEAT
July K.C. HRW wheat closed down 23 3/4 cents at $8.48 yesterday. Prices closed near the session low and hit a fresh 3.5-month low yesterday. Bears still have the solid near-term technical advantage. A six-week-old downtrend is still in place on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above psychological resistance at $9.00 a bushel. The bears’ next downside objective is pushing and closing prices below psychological support at $8.00. First resistance is seen at yesterday’s high of $8.71 3/4 and then at $9.00. First support is seen at yesterday’s low of $8.42 and then at $8.25.
Wyckoff’s Market Rating: 3.0
JULY OATS
July oats closed down 10 1/4 cents at $3.78 3/4 yesterday. Prices closed near the session low. Bulls still have the overall technical advantage but faded yesterday. Bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $4.00. Bears’ next downside price objective is pushing and closing prices below solid support at last week’s low of $3.69. First resistance lies at $3.80 and then at $3.85. First support is seen at $3.75 and then at this week’s low of $3.71 1/2.
Wyckoff’s Market Rating: 5.0
