by Jim Wyckoff, Senior Analyst TraderPlanet.com

DECEMBER CORN

December corn futures closed down 14 cents at $6.07 1/4 yesterday. Prices closed nearer the session low amid lower crude oil prices and somewhat less bullish weather forecasts for the Corn Belt next week. Bulls faded yesterday and another solid down day on Friday would suggest a retest of the recent low. The bulls’ next upside price objective is to push and close prices above solid technical resistance at this week’s high of $6.24 3/4. The next downside price objective for the bears is to push and close prices below solid technical support at $6.00. First resistance for December corn is seen at $6.10 and then at $6.15. First support is seen at yesterday’s low of $6.05 and then at $6.00.

Wyckoff’s Market Rating: 5.0

NOVEMBER SOYBEAN

November soybeans closed down 1/2 cent at $14.04 1/2 yesterday. Prices closed near mid-range yesterday. Less-bullish weather forecasts for the Corn Belt and lower crude oil prices yesterday limited the upside in soybeans. Prices are still in a four-week-old downtrend on the daily bar chart. However, prices have been trading sideways for almost two weeks. A bullish weekly high close on Friday would provide the bulls with fresh upside technical momentum. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at $14.50 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at this week’s low of $13.51. First resistance for November soybeans is seen at yesterday’s high of $14.17 and then at this week’s high of $14.21. First support is seen at yesterday’s low of $13.87 and then at $13.70.

Wyckoff’s Market Rating: 6.0

DECEMBER SOYBEAN

December soybean meal closed down $0.20 at $376.00 yesterday. Prices closed near mid-range yesterday in quieter trading. Bulls this week have gained upside near-term technical momentum. The next upside price objective for the bulls is to produce a close above solid technical resistance at $385.60. The next downside price objective for the bears is pushing and closing prices below solid support at $360.00. First resistance comes in at yesterday’s high of $380.20 and then at $385.60. First support is seen at yesterday’s low of $372.10 and then at $370.00.

Wyckoff’s Market Rating: 7.0

DECEMBER BEAN OIL

December bean oil closed up 2 points at 59.50 cents yesterday. Prices closed near the session high yesterday. Near-term chart damage has been inflicted recently. Prices are still in a steep four-week-old downtrend on the daily bar chart. 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 61.35 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at this week’s low of 58.31 cents. First resistance is seen at 60.00 cents and then at 60.77 cents. First support is seen at yesterday’s low of 58.62 cents and then at 58.31 cents.

Wyckoff’s Market Rating: 4.0

DECEMBER CHICAGO WHEAT

December Chicago SRW wheat closed down 3 3/4 cents at $8.08 3/4 yesterday. Prices closed nearer the session low. Bears still have the near-term technical advantage. A five-week- old downtrend is in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $7.98. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at this week’s high of $8.55 a bushel. First resistance is seen at yesterday’s high of $8.23 1/4 and then at $8.40. First support lies at yesterday’s low of $8.07 and then at $7.98.

Wyckoff’s Market Rating: 3.0

DECEMBER K.C. WHEAT

December K.C. HRW wheat closed down 4 cents at $8.40 3/4 yesterday. Prices closed near the session low yesterday. Bears still have the near-term technical advantage. Prices are still in a five-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at this week’s high of $8.72 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $8.31 1/2. First resistance is seen at yesterday’s high of $8.52 1/2 and then at $8.60. First support is seen at yesterday’s low of $8.39 and then at this week’s low of $8.35.

Wyckoff’s Market Rating: 3.0

DECEMBER OATS

December oats closed down 7 1/2 cents at $3.97 yesterday. Prices closed near the session low yesterday and closed at a bearish monthly low close. Prices also hit a fresh 13-week low yesterday. Serious near-term chart damage has been inflicted recently. A bearish weekly low close on Friday would produce more chart damage to suggest a fresh leg down in prices. Bulls’ next upside price objective is pushing and closing prices above solid technical resistance at this week’s high of $4.14 3/4. Bears’ next downside price objective is pushing and closing prices below solid technical support at $3.85. First resistance lies at $4.00 and then at $4.05. First support is seen at yesterday’s low of $3.95 and then at $3.90.

Wyckoff’s Market Rating: 3.5