by Jim Wyckoff, Senior Analyst TraderPlanet.com

MARCH SOYBEANS

March soybean prices Friday closed higher, nearer the session high, at a bullish weekly high close and set a fresh contract and 30-plus year high. Bean bulls still have the solid near term technical advantage, amid still no solid technical clues that a market top is close at hand, and gained more power on Friday. The next upside price objective for the bulls is to push and close prices above major psychological resistance at $12.00 a bushel. The next downside price objective for the bears is closing prices below chart support at $11.50. First resistance for March soybeans is seen at the contract high of $11.83 and then at $11.90. First support is seen at Friday’s low of $11.63 and then at $11.5.

11.83 ——- the contract high
11.39 1/4 — 10-day moving average
11.22 1/2 — 20-day moving average
10.82 1/2 — 40-day moving average
6.70 ——– the contract low

MARCH SOYMEAL

CBOT March soymeal prices Friday again hit a fresh contract high and closed near the session high. Bulls still have the solid technical advantage and gained more power on Friday. The next upside price objective for the bulls is to produce a close above solid technical resistance at $340.00. The next downside price objective for the bears is closing prices below solid support at $320.00. First resistance comes in at Friday’s contract high of $336.20 and then at $340.00. First support is seen at $330.00 and then at Friday’s low of $327.70.

336.20 — the contract high
316.60 — 10-day moving average
307.60 — 20-day moving average
296.50 — 40-day moving average
191.50 — the contract low

MARCH SOYBEAN OIL

March bean oil prices Friday closed weaker and near the session high. Bulls are fading a bit amid the recent decline in crude oil prices. The bean oil bulls do still have the solid near-term technical advantage, amid still no strong signs of a market top being close at hand. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at last week’s high of 47.38 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 45.85 cents. First resistance is seen at 47.00 cents and then at 47.21 cents. First support is seen at 46.50 cents and then at last week’s low of 46.08 cents.

47.82 — the contract high
46.58 — 10-day moving average
46.73 — 20-day moving average
45.15 — 40-day moving average
30.85 — the contract low

MARCH CORN

Chicago Board of Trade March corn prices Friday closed higher, near the session high, at a bullish weekly high close and hit a fresh contract high. Corn bulls have the solid near-term technical advantage and gained more power Friday, amid no signs of a market top being close at hand. The corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.50 a bushel. The next downside price objective for the bears is to push prices below support at $4.25. First resistance for March corn is seen at Friday’s contract high of $4.40 and then at $4.45. First support is seen at $4.35 and then at Friday’s low of $4.33 1/2.

4.40 ——– the contract high
4.20 1/2 — 10-day moving average
4.10 1/2 — 20-day moving average
4.01 ——– 40-day moving average
2.76 ——– the contract low

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MARCH CBOT WHEAT

CBOT March wheat prices Friday closed solidly higher and hit a fresh contract high. Bulls still have the solid technical advantage and gained more power on Friday. Bulls’ next upside price objective is to push and close prices above major psychological resistance at $10.00 a bushel. The next downside price objective for the bears is pushing and closing prices below support at last week’s low of $9.09 a bushel. First resistance is seen at Friday’s contract high of $9.81 and then at $9.90. First support lies at $9.66 1/2 and then at $9.50.

9.81——— the contract high
9.18 1/4 — 10-day moving average
8.77 ——– 20-day moving average
8.46 3/4 — 40-day moving average
4.58 ——– the contract low

MARCH KANSAS CITY WHEAT

March Kansas City wheat prices Friday closed solidly higher, at a bullish weekly high close and closed at a fresh contract high close. Bulls still have the solid near-term technical advantage at present, and gained more power Friday. Their next upside price objective is pushing and closing prices above resistance at $10.25 a bushel. The bears’ next downside objective is closing prices below solid support at last week’s low of $9.48. First resistance is seen at the contract high of $10.03 and then at $10.10. First support is seen at $9.90 and then at $9.88.

10.03 ——– the contract high
9.47 ——– 10-day moving average
9.00 1/2 — 20-day moving average
8.64 1/4 — 40-day moving average
4.72 ——– the contract low