by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SOYBEANS
March soybean prices Friday closed higher and near mid-range. Friday’s higher close did provide the bulls with fresh upside near-term technical momentum. However, the soybean bulls will continue to depend on the key “outside markets” gold and crude oil to provide support. Any significant weakness in the outside markets would likely also find selling pressure in the soybean complex. The next downside price objective for the bears is pushing and closing prices below major psychological support at $12.00. First resistance for March soybeans is seen at Friday’s high of $12.53 and then at $12.65. First support is seen at Friday’s low of $12.26 1/2 and then at $12.18.
13.41 ——– the contract high
12.61 1/4 — 10-day moving average
12.54 3/4 — 20-day moving average
12.03 3/4 — 40-day moving average
6.70 ——– the contract low
MARCH CBOT SOYMEAL
CBOT March soymeal prices Friday closed higher and nearer the session high. Friday’s higher close did provide the bulls with some fresh upside technical momentum. The next upside price objective for the bulls is to produce a close above technical resistance at $340.00. The next downside price objective for the bears is pushing prices below solid support at last week’s low of $322.50. First resistance comes in at Friday’s high of $337.70 and then at $340.00. First support is seen at $330.00 and then at $327.00.
$368.50 — the contract high
342.50 — 10-day moving average
343.80 — 20-day moving average
332.00 — 40-day moving average
191.50 — the contract low
MARCH BEAN OIL
March bean oil prices Friday closed higher and near mid-range. The bulls have regained some fresh upside technical momentum. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance 52.64 cents, which would fill on the upside a downside price gap on the daily bar chart. Bears’ next downside technical price objective is pushing and closing prices below solid support at last week’s low of 49.68 cents. First resistance is seen at Friday’s high of 52.53 cents and then at 52.64 cents. First support is seen at Friday’s low of 51.65 cents and then at 51.00 cents.
54.32 — the contract high
52.30 — 10-day moving average
51.44 — 20-day moving average
49.24 — 40-day moving average
30.85 — the contract low
MARCH CORN
Chicago Board of Trade March corn prices Friday gapped higher on the daily bar chart and closed higher, near mid-range and at a bullish weekly high close. Bulls have fresh upside technical momentum. Traders will continue to monitor the key “outside markets” gold and crude oil. The corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the contract high of $5.19 a bushel. The next downside price objective for the bears is to push prices below solid support at $4.89 1/2, which would fill on the downside last Friday’s upside price gap on the daily bar chart. First resistance for March corn is seen at $5.00 and then at Friday’s high of $5.04 1/2. First support is seen at Friday’s low of $4.93 1/2 and then at $4.89 1/2.
5.19 ——– the contract high
4.96 1/2 — 10-day moving average
4.81 ——– 20-day moving average
4.52 3/4 — 40-day moving average
2.76 ——– the contract low
MARCH WHEAT
CBOT March wheat prices Friday closed sharply higher as trading has become choppy and more volatile at higher price levels. Chicago wheat bulls do still have the near-term technical advantage and their next upside price objective is to push and close prices above strong technical resistance at $9.50 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $9.02 a bushel. First resistance is seen at Friday’s high of $9.38 and then at $9.50. First support lies at $9.25 and then at Friday’s low of $9.15.
10.09 1/2 — the contract high
9.26 3/4 — 10-day moving average
9.16 1/2 — 20-day moving average
9.20 3/4 — 40-day moving average
4.58 ——– the contract low
MARCH KANSAS CITY WHEAT
March Kansas City wheat prices Friday closed higher and near mid-range. 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 $9.46. First resistance is seen at Friday’s high of $9.78 and then at $9.88. First support is seen at Friday’s low of $9.60 and then at $9.50.
10.33 ——– the contract high
9.62 3/4 — 10-day moving average
9.42 3/4 — 20-day moving average
9.46 1/2 — 40-day moving average
4.72 ——– the contract low
