Soy Complex, Grain Futures – February 4, 2008

MARCH SOYBEAN OIL

March bean oil prices Friday closed higher and near the session low, but did score a fresh contract high and closed at a bullish weekly high close. Bulls have solid upside technical momentum. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at the contract high of 54.72 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 53.00 cents. First resistance is seen at Friday’s contract high of 54.72 cents and then at 55.00 cents. First support is seen at Friday’s low of 53.92 cents and then at 53.50 cents.

54.72 — the contract high
52.55 — 10-day moving average
52.28 — 20-day moving average
50.07 — 40-day moving average
30.85 — the contract low

MARCH CORN

Chicago Board of Trade March corn prices Friday closed slightly lower and near the session low. Prices poked to a fresh two-week high early on Friday. The market is pausing at present. Corn will continue to follow the wheat futures market and keep an eye toward the key “outside markets” gold and crude oil and the U.S. dollar. The corn bulls still have the near-term technical advantage. Their next upside price objective is to push and close prices above solid resistance at last week’s high of $5.09 1/2 a bushel. The next downside price objective for the bears is to produce a close below solid support at $4.90. First resistance for March corn is seen at $5.05 and then at $5.09 1/2. First support is seen at Friday’s low of $4.99 1/2 and then at $4.95.

5.19 ——– the contract high
4.94 3/4 — 10-day moving average
4.91 3/4 — 20-day moving average
4.64 3/4 — 40-day moving average
2.76 ——– the contract low

MARCH CBOT WHEAT

CBOT March wheat prices Friday closed higher and near mid-range and were lifted again by a strong rally in nearby Minneapolis wheat futures. Bulls do still have the near-term technical advantage. However, four previous rallies were stopped between the $9.66 1/2 and the contract high of $10.09 1/2. It will still be important for all wheat futures traders to keep a close eye on the Minneapolis wheat futures market. Chicago wheat bulls’ next upside price objective is to push and close prices above strong technical resistance at $9.66 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $9.00 a bushel. First resistance is seen at $9.50 and then at Friday’s high of $9.57. First support lies at Friday’s low of $9.33 and then at $9.25.

10.09 1/2 — the contract high
9.34 1/2 — 10-day moving average
9.24 1/4 — 20-day moving average
9.27 3/4 — 40-day moving average
4.58 ——– the contract low

MARCH KCBT WHEAT

March Kansas City wheat prices Friday closed sharply higher and nearer the session high. Bulls still have the upside technical advantage. A bearish double-top reversal pattern still may be forming on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above major psychological resistance at $10.00 a bushel. The bears’ next downside objective is pushing prices below solid support at last week’s low of $9.51 1/4. First resistance is seen at Friday’s high of $9.97 1/4 and then at $10.00. First support is seen at Friday’s low of $9.75 1/2 and then at $9.65.

10.33 ——– the contract high
9.79 ——– 10-day moving average
9.54 3/4 — 20-day moving average
9.56 1/2 — 40-day moving average
4.72 ——– the contract low