by Jim Wyckoff, Senior Analyst TraderPlanet.com

MARCH SOYBEANS

March soybean prices Friday closed higher, but nearer the session low. Prices did hit and close at a fresh contract high and a bullish weekly high close on Friday. Bulls still have the solid near-term technical advantage, but the higher volatility and recent low-range closes after early-session strong price upmoves should be a bit worrisome to the bulls. Higher volatility at higher price levels is one warning signal of a topping process in a market. The next upside price objective for the bulls is to push and close prices above solid resistance at Friday’s contract and all-time high of $13.74 1/2 a bushel. The next downside price objective for the bears is pushing prices below psychological support at $13.00. First resistance for March soybeans is seen at Friday’s high of $13.74 1/2 and then at $14.00. First support is seen at Friday’s low of $13.31 1/2 and then at $13.12.

13.74 1/2 — the contract high
12.99 3/4 — 10-day moving average
12.80 1/2 — 20-day moving average
12.48 3/4 — 40-day moving average
6.70 ——– the contract low

MARCH SOYBEAN MEAL

CBOT March soymeal prices Friday closed slightly lower and near the session low after hitting a fresh contract high early on in the session. Bulls still have the near-term technical advantage but the higher volatility at higher price levels does not favor the bulls. The next upside price objective for the bulls is to produce a close above technical resistance at Friday’s contract high of $373.00. The next downside price objective for the bears is pushing prices below solid support at $350.00. First resistance comes in at Friday’s contract high of $373.00 and then at $375.00. First support is seen at Friday’s low of $360.00 and then at $356.00.

$373.00 — the contract high
348.50 — 10-day moving average
345.50 — 20-day moving average
342.10 — 40-day moving average
191.50 — the contract low

MARCH SOYBEAN OIL

March bean oil prices Friday closed higher but near the session low. There is still the specter of a potentially bearish buying “exhaustion tail” on the daily bar chart, formed last week. That is one technical clue that a market top is in place. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at the contract high of 57.40 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 54.00 cents.First resistance is seen at 56.00 cents and then at Friday’s high of 56.25 cents. First support is seen at Friday’s low of 55.10 cents and then at last week’s low of 54.58 cents.

57.40 — the contract high
54.41 — 10-day moving average
53.36 — 20-day moving average
51.19 — 40-day moving average
30.85 — the contract low

MARCH WHEAT

CBOT March wheat prices Friday again closed up the 30-cent limit at $10.93. Prices Friday notched another fresh contract and all-time high as the market opened and immediately locked up the limit. Chicago wheat has been boosted by a powerful rally in Minneapolis wheat futures. Minneapolis wheat again locked up the limit Friday. All wheat markets should continue to watch the Minneapolis wheat futures market. Chicago bulls have the solid near-term technical advantage. Chicago wheat bulls’ next upside price objective is to push and close prices above psychological resistance at $11.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $10.50 a bushel. First resistance is seen at $11.00 and then at $11.23. First support lies at $10.73 and then at $10.50.

10.93 ——- the contract high
9.86 3/4 — 10-day moving average
9.56 3/4 — 20-day moving average
9.43 1/2 — 40-day moving average
4.58 ——– the contract low

MARCH KCBOT WHEAT

March Kansas City wheat prices Friday again opened locked and closed up the 30-cent limit at $11.40 1/4. Prices again immediately locked up the limit at the open. Bulls still have the solid upside technical advantage. The bulls’ next upside price objective is pushing and closing prices above psychological resistance at $12.00 a bushel. The bears’ next downside objective is pushing prices below psychological support at $11.00. First resistance is seen at $11.50 and then at $11.70 1/4. First support is seen at $11.25 and then at $11.00.

11.40 1/4 — the contract high
10.31 3/4 — 10-day moving average
9.97 1/4 — 20-day moving average
9.74 142 — 40-day moving average
4.72 ——– the contract low