July soybeans on Friday closed weaker and near mid-range. Bean bulls still have the overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing July prices above solid technical resistance at the June high of $14.19 1/2 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $13.65. First resistance is seen at $14.00 and then at $14.13 1/4. First support is seen at Friday’s low of $13.77 1/4 and then at $13.65.
$14.74 1/2 — the contract high
$13.92 1/2 — 10-day moving average
$13.78 1/2 — 20-day moving average
$13.68 3/4 — 40-day moving average
$8.53 ——– the contract low
Source: VantagePoint Intermarket Analysis Software
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July soybean meal on Friday closed slightly higher, nearer the session high and closed at a bullish weekly high close. The bulls have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the March high of $381.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $359.40. First resistance comes in at Friday’s high of $375.80 and then at last week’s high of $379.30. First support is seen $370.00 and then at Friday’s low of $368.10.
$394.00 — contract high
$365.20 — 10-day moving average
$360.70 — 20-day moving average
$357.80 — 40-day moving average
$253.30 — the contract low
July bean oil on Friday closed lower, nearer the session low, hit a fresh three-week low and closed at a bearish weekly low close. Bulls have faded. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 58.58 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the May low of 54.85 cents. First resistance is seen at 57.00 cents and then at 57.50 cents. First support is seen at Friday’s low of 56.53 cents and then at 56.00 cents.
61.02 — the contract high
58.13 — 10-day moving average
57.65 — 20-day moving average
57.60 — 40-day moving average
37.95 — the contract low
July corn futures on Friday closed slightly higher, near mid-range, hit a fresh contract and all-time record high of $7.99 3/4 and closed at a bullish weekly high close. Corn bulls have the strong overall near-term technical advantage. There are no strong early technical clues that a market top is close at hand. Corn bulls’ next upside price breakout objective is to push and close prices above major psychological resistance at $8.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $7.50. First resistance for July corn is seen at $8.00 and then at $8.05. First support is seen at $7.80 and then at Friday’s low of $7.77 1/4.
$7.99 3/4 —- the contract high
$7.59 ——– 10-day moving average
$7.46 1/4 —- 20-day moving average
$7.39 1/2 —- 40-day moving average
$3.74 1/2 —- the contract low
July Chicago SRW wheat on Friday closed higher and nearer the session high.Wheat market bears still have the slight near-term technical advantage. Bulls’ next upside price breakout objective is to push and close Chicago SRW prices above major psychological resistance at $8.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the May low of $7.23. First resistance is seen at Friday’s high of $7.63 3/4 and then at $7.70. First support lies at $7.55 and then at $7.50.
$9.50 3/4 — the contract high
$7.63 1/2 — 10-day moving average
$7.74 3/4 — 20-day moving average1
$7.84 3/4 — 40-day moving average
$5.40 ——- the contract low
July K.C. HRW wheat on Friday closed lower, nearer the session high, hit a fresh four-week low and closed at a bearish weekly low close. Bears have gained some fresh downside near-term technical momentum. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of $9.07 1/2. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the May low of $8.52 1/2. First resistance is seen at Friday’s high of $8.70 and then at $8.75. First support is seen at $8.60 and then at $8.52 1/2.
$10.09 1/4 — the contract high
$9.95 1/2 — 10-day moving average
$9.06 1/4 — 20-day moving average
$9.06 1/4 — 40-day moving average
$5.29 1/2 — the contract low
