by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH CORN
March corn futures closed up 7 cents at $4.62 1/2 today. Prices gapped higher on the daily bar chart today, set a fresh contract and 12-year high and then backed off to close nearer the session low. Fresh fund buying hit the grains today, amid big rallies in gold and crude oil, and a sharply lower U.S. dollar. Corn bulls are still very powerful, technically. An 11-week-old uptrend is in place on the daily bar chart. The corn bulls’ next major upside price objective is to push and close prices above major psychological resistance at $5.00 a bushel. The next downside price objective for the bears is to push prices below solid support at $4.39. First resistance for March corn is seen at today’s contract high of $4.69 1/2 and then at $4.75. First support is seen at today’s low of $4.60 and then at $4.56 3/4, which is the bottom of today’s upside price gap on the daily bar chart.
Wyckoff’s Market Rating: 9.0.
MARCH FEEDER CATTLE
March soybeans closed up 34 1/2 cents at $12.48 3/4 today. Prices gapped higher on the daily bar chart today and hit a fresh contract and 34-year high. Fresh fund buying and dry weather in Argentina bean-growing regions boosted the bean bulls today. Bean bulls still have the solid near term technical advantage and gained more power today, amid still no solid technical clues that a market top is close at hand. The bulls appear poised to soon challenge the all- time high of $12.90 a bushel, scored in 1973. The next upside price objective for the bulls is to push and close prices above $12.90 a bushel. The next downside price objective for the bears is closing prices below major psychological technical support at $12.00. First resistance for March soybeans is seen at today’s contract high of $12.64 and then at $12.90 First support is seen at today’s low of $12.36 and then at $12.18–the bottom of today’s upside price gap on the daily bar chart.
Wyckoff’s Market Rating: 9.5.
MARCH SOYBEAN MEAL
March soybean meal closed up $7.40 at $344.10 today. Prices gapped higher on the daily bar chart, hit a fresh contract high and did back off a bit and close near mid-range. Bulls still have the solid technical advantage, amid no signs of a market top being close at hand. The next upside price objective for the bulls is to produce a close above solid technical resistance at the contract high of $350.00. The next downside price objective for the bears is closing prices below solid support at this week’s low of $328.50. First resistance comes in at today’s contract high of $349.10 and then at $350.00. First support is seen at today’s low of $342.00 and then at $337.50–the bottom of today’s upside price gap on the daily bar chart.
Wyckoff’s Market Rating: 9.0.
MARCH BEAN OIL
March bean oil closed up 117 points at 50.80 cents today. Prices gapped higher on the daily bar chart, hit a fresh contract high and closed near the session high. The bean oil bulls still have the solid near-term technical advantage and gained more power today, amid no clues of a market top being close at hand. The next upside price objective for the bulls is pushing and closing prices above technical resistance at 52.00 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 49.00 cents. First resistance is seen at today’s contract high of 51.15 cents and then at 51.50 cents. First support is seen at today’s low of 50.00 cents and then at 49.70 cents–the bottom of today’s upside price gap on the daily bar chart.
Wyckoff’s Market Rating: 9.5.
MARCH CBOT WHEAT
March Chicago SRW wheat closed up the 30-cent trading limit at $9.15 today. Short covering and fresh speculative buying amid some fresh worldwide export demand for wheat, and the big rallies in corn and soybeans today, boosted wheat. Chicago wheat bulls’ next upside price objective is to push and close prices above strong technical resistance at $9.50 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at this week’s low of $8.79 1/2 a bushel. First resistance is seen at $9.20 and then at $9.30. First support lies at $9.00 and then at today’s low of $8.95.
Wyckoff’s Market Rating: 8.0.
MARCH KCBT WHEAT
March K.C. HRW wheat closed up 22 1/2 cent at $9.36 today. Prices closed nearer the session high on short covering and fresh spec buying after hitting a fresh four-week low Monday. Bulls’ next upside price objective is pushing and closing prices above solid resistance at $9.50 a bushel. The bears’ next downside objective is closing prices below solid technical support at this week’s low of $8.90. First resistance is seen at today’s high of $9.43 1/2 and then at $9.50. First support is seen at today’s low of $9.21 and then at $9.15.
Wyckoff’s Market Rating: 7.5.
MARCH OATS
March oats closed up 5 1/4 cents at $3.12 today. Prices gapped higher on the daily bar chart, hit a fresh contract high and backed off a bit to close nearer the session low. Bulls have the technical advantage and regained momentum today. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at today’s contract high of $3.14 3/4. Bears’ next downside price objective is closing prices below solid technical support at this week’s low of $2.99 1/2. First resistance lies at $3.14 3/4 and then at $3.20. First support is seen at today’s low of $3.10 3/4 and then at $3.06 3/4–the bottom of today’s upside price gap on the daily bar chart.
Wyckoff’s Market Rating: 8.0.
