GRAINS
December corn futures closed down 8 1/2 cents at $4.64 Thursday. Prices closed near mid-range, hit a four-week low and were pressured by a surprising slight rise in the USDA’s U.S. corn production estimate. The corn bears remain in firm near-term technical control. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at this week’s high of $4.73 1/2. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the August low of $4.45 3/4. First resistance for December corn is seen at $4.70 and then at $4.73 1/2. First support is seen at $4.60 and then at Thursday’s low of $4.56 1/4. Wyckoff’s Market Rating: 2.0
November soybeans closed up 30 1/2 cents at $13.88 a bushel Thursday. Prices closed nearer the session high and scored a big and bullish “outside day” up on the daily bar chart.Thursday’s USDA monthly supply and demand report was deemed neutral to slightly bullish Thursday. Soybean bulls have the solid overall near-term technical advantage. A bull flag pattern has also formed on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the contract high of $14.09 3/4 a bushel, scored in September of last year. The next downside price breakout objective for the bears is pushing prices below solid technical support at $13.31 1/2, which is the bottom of an upside price gap on the daily bar chart. First support is seen at $13.75 and then at $13.60. First resistance is seen at Thursday’s high of $13.91 1/4 and then at $14.00. Wyckoff’s Market Rating: 8.0
December soybean meal closed up $16.90 at $444.90 Thursday. Prices closed near the session high and hit a fresh contract high. Prices also scored a big and bullish “outside day” up on the daily bar chart. The meal bulls have the solid overall near-term technical advantage and gained more upside momentum Thursday. The next upside price objective for the bulls is to produce a close above solid technical resistance at $450.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the September low of $415.60. First resistance comes in at Thursday’s contract high of $448.00 and then at $450.00. First support is seen at $440.00 and then at $435.00. Wyckoff’s Market Rating: 8.0
December bean oil closed up 14 points at 43.10 cents Thursday. Prices closed nearer the session high after hitting a fresh four-week low early on. Tepid short covering in a bear market was featured. The bears have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 44.50 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the August low of 41.85 cents. First resistance is seen at Thursday’s high of 43.30 cents and then at 43.55 cents. First support is seen at 42.79 cents and then at Thursday’s low of 42.60 cents. Wyckoff’s Market Rating: 2.0
December Chicago SRW wheat closed up 4 3/4 cents at $6.52 3/4 Thursday. Prices closed nearer the session high today and scored a bullish “outside day” up on the daily bar chart. Short covering in a bear market was featured. The wheat market bears still have the solid overall near-term technical advantage. Thursday’s monthly USDA supply and demand report was deemed neutral for wheat. Wheat will continue to be a follower of corn. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the September high of $6.64 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the contract low of $6.35 1/2. First resistance is seen at Thursday’s high of $6.55 and then at $6.60. First support lies at $6.42 and then at $6.35 1/2 and then at $6.30. Wyckoff’s Market Rating: 2.0
December HRW wheat closed up 6 3/4 cents at $7.01 1/2 Thursday. Prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart. More short covering in a bear market was featured. The HRW wheat market bears still 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 September high of $7.11 1/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.75. First resistance is seen at Thursday’s high of $7.04 1/2 and then at $7.11 1/4. First support is seen at the contract low of $6.87 3/4 and then at $6.80. Wyckoff’s Market Rating: 1.5
December oats closed down 5 cents at $3.17 1/4 Thursday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. Bears have the solid near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.00. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.33. First support lies at Thursday’s low of $3.15 1/2 and then at $3.12 1/4. First resistance is seen at $3.20 and then at $3.25. Wyckoff’s Market Rating: 1.5
