January soybean prices Friday closed lower, near the session low, at a bearish weekly low close and hit a fresh 18-month low. Prices have seen a bearish downside “breakout” from a sideways trading range at lower price levels. Soybean bears remain in overall near-term technical command and gained fresh downside power late last week. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $9.00 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $8.00. First resistance for January soybeans is seen at $8.50 and then at Friday’s high of $8.62 3/4. First support is seen at Friday’s low of $8.35 1/4 and then at $8.25.

16.48 ——- the contract high
8.95 ——- 10-day moving average
9.09 1/2 — 20-day moving average
9.30 3/4 — 40-day moving average
7.90 1/4 — the contract low


March soymeal prices Friday closed solidly lower, near the session low, at a bearish weekly low close and hit a fresh five-week low. Bears have the overall near-term technical advantage and gained fresh downside power late last week. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $279.20.The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $242.20. First resistance comes in at $255.00 and then at $260.00. First support is seen at Friday’s low of $252.60 and then at $250.00.

$434.40 — contract high
$269.40 — 10-day moving average
$273.90 — 20-day moving average
$272.60 — 40-day moving average
$229.70 — the contract low

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Source: VantagePoint Intermarket Analysis Software

March bean oil prices Friday closed slightly higher and nearer the session high on tepid short covering in a bear market. Prices Friday did hit a fresh contract low. Bean oil prices are still in a five-month-old downtrend on the daily bar chart. Bears still have the near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 34.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 30.00 cents. First resistance is seen at 32.00 cents and then at 33.00 cents. First support is seen at Friday’s contract low of 30.68 cents and then at 30.00 cents.

74.18 — the contract high
33.32 — 10-day moving average
34.08 — 20-day moving average
36.84 — 40-day moving average
30.94 — the contract low


March corn prices Friday closed sharply lower, near the session low, at a bearish weekly low close and set another fresh contract low. Bears still have the solid near-term technical advantage and gained more momentum late last week. Corn prices are still trading below a five-month-old downtrend line on the daily bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at $3.50. The bulls’ next upside price objective is to push and close prices above technical resistance at Friday’s high of $3.78 3/4. First resistance for March corn is seen at $3.60 and then at $3.65.
First support is seen at Friday’s contract low of $3.52 1/4 and then at $3.50.

8.16 ——– the contract high
3.89 3/4 — 10-day moving average
4.02 1/4 — 20-day moving average
4.21 3/4 — 40-day moving average
3.52 1/4 — the contract low


March Chicago wheat prices Friday closed lower, near the session low, at a bearish weekly low close and also hit a fresh contract low. The wheat bears still have the overall near-term technical advantage and gained more downside momentum late last week. The next downside price objective for the bears is pushing and closing prices below major psychological support at $5.00. Bulls’next upside price objective is to push and close December futures prices above solid technical resistance at last week’s high of $5.87 a bushel. First resistance is seen at Friday’s high of $5.33 1/4 and then at $5.50. First support lies at Friday’s contract low of $5.15 1/4 and then at $5.00.

12.75 ——- the contract high
5.47 ——– 10-day moving average
5.53 1/2 — 20-day moving average
5.81 1/2 — 40-day moving average
5.15 1/5 — the contract low


March Kansas City wheat prices Friday closed lower and near the session low. Prices also closed at a bearish weekly low close and hit a fresh 18-month low. The bears have the solid overall near-term technical advantage and gained more power late last week. The bulls’ next upside price objective is pushing and closing prices above solid resistance at $5.72 1/2 a bushel, which would fill on the upside a downside price gap from last week. The bears’ next downside objective is pushing and closing prices below solid technical support at $5.25. First resistance is seen at Friday’s high of $5.63 1/2 and then at $5.72 1/2.
First support is seen at Friday’s low of $5.48 1/2 and then at $5.40.

12.75 ——– the contract high
5.79 1/2 —- 10-day moving average
5.87 1/4 —- 20-day moving average
6.14 ——– 40-day moving average
4.78 ——– the contract low