by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed solidly higher and near the session high, and closed at a bullish weekly high close. More short covering and fresh speculative buying was featured. Prices are still in a five-week-old downtrend on the daily bar chart but the bulls have regained fresh technical momentum. The next upside price objective for the bean bulls is to push prices above psychological and trend-line technical resistance at $13.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $12.50. First resistance for July soybeans is seen at Friday’s high of $12.97 and then at $13.00. First support is seen at Friday’s low of $12.75 and then at $12.50.
15.96 ——– the contract high
12.86 1/2 — 10-day moving average
13.23 1/4 — 20-day moving average
13.85 3/4 — 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed firmer and nearer the session low but did score a bullish weekly high close. The next upside price objective for the bulls is to produce a close above solid technical resistance at $351.50, which is the top of a downside price gap on the daily bar chart. The next downside price objective for the bears is pushing prices below solid support at $325.00. First resistance comes in at Friday’s high of $341.50 and then at $345.00. First support is seen at Friday’s low of $335.00 and then at $332.00.
$394.00 — the contract high
341.10 — 10-day moving average
341.90 — 20-day moving average
357.80 — 40-day moving average
204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed solidly higher and near the session high and closed at a bullish weekly high close. Bulls are regaining some technical momentum in bean oil. However, a four-week-old downtrend is still in place on the daily bar chart.The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at 60.00 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 55.00 cents. First resistance is seen at 57.50 cents and then at 58.00 cents. First support is seen at 57.00 cents and then at 56.50 cents.
71.32 — the contract high
56.22 — 10-day moving average
58.57 — 20-day moving average
60.84 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed lower and near mid-range on mild profit-taking pressure. Corn bulls still have the solid near-term technical advantage, amid no early technical clues that a market top is close at hand. The corn bulls’ next upside price objective is to push and close prices above resistance at $6.25. The next downside price objective for the bears is to push and close prices below solid support at$5.91 1/2. First resistance for July corn is seen at the contract high of $6.15 and then at $6.20. First support is seen at Friday’s low of $6.09 and then at $6.05.
6.15 ——– the contract high
5.81 1/2 — 10-day moving average
5.71 3/4 — 20-day moving average
5.60 3/4 — 40-day moving average
2.65 ——– the contract low
CBOT JULY WHEAT
CBOT July wheat prices Friday closed solidly higher and near the session high. Prices also closed at a bullish weekly high close.Prices are still in a three-week-old downtrend on the daily bar chart, however. 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 $9.50 a bushel. First resistance is seen at Friday’s high of $9.95 and then at $10.00. First support lies at $9.75 and then at $9.50.
12.72 3/4 — the contract high
9.87 3/4 —– 10-day moving average
10.57 142 — 20-day moving average
10.29 1/2 — 40-day moving average
3.72 ——– the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed solidly higher and nearer the session high. Prices also closed at a bullish weekly high close. A three-week-old downtrend is still in place on the daily bar chart, however. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at$10.75 a bushel. The bears’ next downside objective is pushing and closing prices below psychological support at $10.00. First resistance is seen at Friday’s high of $10.50 and then at $10.75.First support is seen at $10.25 and then at $10.00.
13.00 ——– the contract high
10.30 1/2 — 10-day moving average
11.01 3/4 — 20-day moving average
10.91 3/4 — 40-day moving average
4.36 ——– the contract low