JULY SOYBEANS
July soybean prices Friday closed lower and near the session low. Lower “outside markets” gold and crude oil, and a firmer U.S. dollar, pressured the soy complex. Still, the bulls had the better week last week and still have some upside near-term technical momentum on their side. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $14.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $13.38 3/4, which would fill on the downside last week’s upside price gap on the daily bar chart. First resistance for July soybeans is seen at Friday’s high of $13.70 and then at last week’s high of $13.96 1/2. First support is seen at Friday’s low of $13.44 and then at $13.38 3/4.
15.96 ——– the contract high
12.87 1/4 — 10-day moving average
12.98 1/4 — 20-day moving average
13.80 3/4 — 40-day moving average
6.26 ——– the contract low
JULY SOYBEAN MEAL
CBOT July soymeal prices Friday closed lower and near mid-range.Prices are still in a choppy five-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $360.70. The next downside price objective for the bears is pushing and closing prices below solid support at $340.00.First resistance comes in at $350.00 and then at Friday’s high of $354.00. First support is seen at $345.00 and then at Friday’s low of $343.00.
$394.00 — the contract high
$338.70 — 10-day moving average
$338.80 — 20-day moving average
$355.20 — 40-day moving average
$204.00 — the contract low
JULY SOYBEAN OIL
July bean oil prices Friday closed lower and near mid-range. The bulls still have some upside technical momentum on their side. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 62.00 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 59.07 cents, which would fill on the downside last week’s upside price gap on the daily bar chart. First resistance is seen at last week’s high of 61.28 cents and then at 61.50 cents. First support is seen at Friday’s low of 60.30 cents and then at 60.00 cents.
71.32 — the contract high
56.82 — 10-day moving average
57.40 — 20-day moving average
61.08 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed lower and near the session low and were pressured by profit taking from recent strong gains and bearish key “outside” markets–lower crude oil and gold prices and a firmer U.S. dollar. Prices also closed at a bearish weekly low close on Friday. Corn bulls still have the near-term technical advantage, but are fading a bit. The corn bulls’ next upside price objective is to push and close prices above resistance at the contract high of $6.28 1/4. The next downside price objective for the bears is to push and close prices below solid support at $5.91. First resistance for July corn is seen at $6.00 and then at Friday’s high of $6.07 1/2. First support is seen at $5.91 and then at $5.85.
6.28 1/4 — the contract high
6.04 1/2 — 10-day moving average
5.79 1/4 — 20-day moving average
5.70 3/4 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed lower, near the session low, and at a bearish weekly low close. Prices also closed at the lowest closing level in two months. Bears gained fresh downside technical momentum on Friday. Prices are still in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close July futures prices above major psychological resistance at $10.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at the April low of $9.05 a bushel. First resistance is seen at $9.25 and then at Friday’s high of $9.45.First support lies at $9.05 and then at $9.00.
12.72 3/4 — the contract high
9.42 ——– 10-day moving average
9.99 1/2 — 20-day moving average
10.27 1/2 — 40-day moving average
3.72 ——– the contract low
JULY KCBT WHEAT
July Kansas City wheat prices Friday closed lower and near the session low. Prices also closed at a bearish weekly low close Friday. A four-week-old downtrend is still in place on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above major psychological technical resistance at $10.00 a bushel. The bears’ next downside objective is pushing and closing prices below solid support at the April low of $9.55.First resistance is seen at Friday’s high of $9.86 and then at $10.00. First support is seen at Friday’s low of $9.61 and then at $9.55.
13.00 ——– the contract high
9.91 1/4 — 10-day moving average
10.45 1/2 — 20-day moving average
10.84 1/2 — 40-day moving average
4.36 ——– the contract low
