GRAINS: December corn futures closed up 11 1/2 cents at $4.64 3/4 Monday. Prices closed nearer the session high after hitting another 2.5-year low early on. Prices were boosted by a surprisingly bullish USDA report and another USDA export sale announcement. Monday’s price action also scored a big and bullish “outside day” up on the daily bar chart. If there is follow-through buying interest and a higher close on Tuesday, then a significantly bullish “key reversal” up on the daily bar chart would be confirmed. That would be an early technical clue that a market bottom is in place for corn. But right now the bears still have the solid overall near-term technical advantage in corn. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.75. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at Monday’s low of $4.46 1/2. First resistance for December corn is seen at Monday’s high of $4.69 1/4 and then at $4.75. First support is seen at $4.60 and then at $4.55. Wyckoff’s Market Rating: 2.0
November soybeans closed up 43 cents at $12.25 1/4 a bushel Monday. Prices closed nearer the session high following a friendly USDA report and a big USDA export sale of soybeans to China Monday. Monday’s price action does suggest the soybean market has now put in at least a near-term low. The soybean market bears still 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 $12.50 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $12.00. First support is seen at $12.15 and then at $12.10. First resistance is seen at Monday’s high of $12.28 and then at $12.40. Wyckoff’s Market Rating: 3.0.
December soybean meal closed up $15.90 at $372.00 Monday. Prices closed nearer the session high on heavy short covering and bargain hunting. The meal bears still 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 July high of $393.30. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $355.00. First resistance comes in at Monday’s high of $374.80 and then at $377.50. First support is seen at $370.00 and then at $367.00. Wyckoff’s Market Rating: 4.5
December bean oil closed up 87 points at 42.74 cents Monday. Prices closed nearer the session high on short covering after hitting another fresh contract low early on. The bears remain in full command. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the August high of 43.31 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 41.00 cents. First resistance is seen at Monday’s high of 42.85 cents and then at 43.00 cents. First support is seen at 42.50 cents and then at 42.00 cents. Wyckoff’s Market Rating: 1.5
December Chicago SRW wheat closed up 1 3/4 cents at $6.49 Monday. Prices closed near mid-range and hit another fresh contract low. Monday’s USDA report had little impact on the wheat market because it contained no big surprises. The wheat market bears have the solid overall near-term technical advantage. There are still no early technical clues of a market bottom being close at hand. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.80 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.25. First resistance is seen at Monday’s high of $6.58 and then at $6.66 1/4. First support lies at Monday’s contract low of $6.43 and then at $6.40. Wyckoff’s Market Rating: 1.0.
December HRW wheat closed up 3 1/4 cents at $7.06 3/4 Monday. Prices closed near mid-range. 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 July high of $7.37 1/2. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.75. First resistance is seen at Monday’s high of $7.13 3/4 and then at $7.20. First support is seen at the contract low of $6.98 1/2 and then at $6.90. Wyckoff’s Market Rating: 1.0
December oats closed up 3 1/2 cents at $3.30 1/4 Monday. Prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart. Short covering in a bear market was featured. Bears still have the solid overall near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.10. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.40. First support lies at $3.25 and then at the contract low of $3.20. First resistance is seen at Monday high of $3.31 1/4 and then at the August high of $3.33 3/4. Wyckoff’s Market Rating: 1.5
