by Jim Wyckoff, Senior Analyst TraderPlanet.com

DECEMBER CORN FUTURES

December corn futures closed down 7 cents at $3.68 1/2 today. Prices closed near the session low as trading has turned choppy. Bulls do not want to see a bearish weekly low close on Friday. Poor weekly USDA export sales data also bolstered the corn bears today. Corn will continue to closely track the key “outside markets” crude oil and gold, which were lower today. The corn bulls’ next upside price objective is to push and close prices above solid resistance at this week’s high of $3.80. The next downside price objective for the bears is to close prices below solid support at $3.60. First resistance for December corn is seen at today’s high of $3.74 1/2 and then at $3.80. First support is seen at today’s low of $3.67 and then at $3.63.

Wyckoff’s Market Rating: 6.0.

JANUARY SOYBEANS

January soybeans closed down 19 1/4 cents at $10.06 1/2 today. Prices closed near mid-range and were pressured by poor weekly export sales data, profit taking and lower “outside markets” today. Bulls still have the near term technical advantage but do not want to see a bearish weekly low close on Friday. That would raise the specter of a bearish double-top reversal pattern developing on the daily bar chart. The next upside price objective for the bulls is to push and close prices above solid technical resistance at the contract high of $10.33 1/2. The next downside price objective for the bears is closing prices below strong support at $9.80. First resistance for January soybeans is seen at $10.15 and then at today’s high of $10.23 1/2. First support is seen at $10.00 and then at today’s low of $9.94.

Wyckoff’s Market Rating: 8.0.

DECEMBER SOYBEAN MEAL

December soybean meal closed down $7.50 at $272.10 today. Prices closed nearer the session low. Bulls faded today and do not want to see a bearish weekly low close on Friday. The market is still in a choppy in a sideways trading range. The bulls would regain upside technical momentum by producing an upside breakout from the trading range, meaning pushing and closing prices above solid resistance at $283.50. The next downside price objective for the bears is closing prices below solid support at $270.00, which could be the beginning of a bearish downside breakout from the trading range. First resistance comes in at $275.00 and then at $277.50. First support is seen at today’s low of $271.50 and then at $270.00.

Wyckoff’s Market Rating: 6.5.

DECEMBER BEAN OIL

December bean oil closed down 24 points at 42.07 cents today. Prices closed near mid-range and were pressured by profit taking from recent gains. No chart damage occurred today but the bulls do not want to see a bearish weekly low close on Friday. Weaker crude oil prices today pressured bean oil. The bean oil bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at the contract high of 42.69 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 41.50 cents. First resistance is seen at today’s 42.50 cents and then at 42.69 cents. First support is seen at today’s low of 41.70 cents and then at 41.50 cents.

Wyckoff’s Market Rating: 8.5.

DECEMBER CHICAGO WHEAT

December Chicago SRW wheat closed down 29 3/4 cents at $7.78 3/4 today. Prices closed near the session low and hit a fresh two-month low today. Near-term chart damage was inflicted today and the bears have fresh downside technical momentum. A steep four-week-old downtrend line is still in place on the daily bar chart. Also, a bearish head-and- shoulders top pattern has formed on the daily chart. Bulls’ next upside price objective is to push and close prices above major psychological resistance at $8.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $7.60 a bushel. First resistance is seen at $7.95 and then at $8.00. First support lies at today’s low of $7.78 and then at $7.75.

Wyckoff’s Market Rating: 5.5.

DECEMBER K.C. WHEAT

December K.C. HRW wheatclosed down 27 1/2 cents at $8.04 1/2 today. Prices closed near the session low and hit a fresh seven-week low today. Near-term chart damage was inflicted today and the bulls do not want to see a bearish weekly low close on Friday. A four-week-old downtrend is still in place on the daily bar chart. Bears have downside technical momentum on their side and gained more today. Bulls’ next upside price objective is pushing and prices above solid resistance at $8.40 a bushel. The bears’ next downside objective is closing prices below solid technical support at $7.75. First resistance is seen at $8.15 and then at $8.25. First support is seen at today’s low of $8.02 and then at $8.00.

Wyckoff’s Market Rating: 5.5.

DECEMBER OATS

December oats closed down 1 cent at $2.86 3/4 today. Prices closed nearer the session high. Bulls still have the near- term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at the September high of $2.90. Bears’ next downside price objective is closing prices below solid technical support at last week’s low of $2.73. First resistance lies at today’s high of $2.87 1/2 and then at this week’s high of $2.88 3/4. First support is seen at today’s low of $2.84 3/4 and then at $2.83 1/2.

Wyckoff’s Market Rating: 6.5.