by Jim Wyckoff, Senior Analyst TraderPlanet.com

NOVEMBER SOYBEANS

November soybean prices Friday closed lower and nearer the session low on moderating heat forecasts the Corn Belt this week. Serious near-term chart damage has been inflicted in soybeans recently to still suggest a major market top is in place. The daily chart shows a bear flag has developed recently. The next upside price objective for the bulls is closing prices above solid technical resistance at $8.93. The next downside price objective for the bears is closing prices below solid support at last week’s low of $8.55 1/2. First resistance for November soybeans is seen at $8.80 and then at $8.93. First support is seen at Friday’s low of $8.69 1/2 and then at $8.60.

9.49 1/2 — the contract high
9.02 3/4 — 10-day moving average
8.83 1/4 — 20-day moving average
8.69 1/4 — 40-day moving average
5.95 ——– the contract low

DECEMBER SOYBEAN MEAL

CBOT December soymeal prices Friday closed lower and nearer the session low. It still appears a major market top is in place. Serious damage has occurred recently. A bear flag or bearish pennant pattern has formed on the daily bar chart. The next upside price objective for the bulls is producing a close above solid chart resistance at Friday’s high of $241.00. The next downside price objective for the bears is closing prices below solid support at last week’s low of $229.30. First resistance comes in at $238.00 and then at $240.00. First support is seen at Friday’s low of $233.20 and then at of $232.20.

266.00 — the contract high
246.70 — 10-day moving average
241.50 — 20-day moving average
237.30 — 40-day moving average
172.00 — the contract low

DECEMBER SOYBEAN OIL

December bean oil prices Friday closed lower and near the session low, after scoring a fresh contract high early on. Bean oil bulls still have the near-term technical advantage and no serious chart damage has occurred. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at Friday’s contract high of 39.20 cents. Bears’ next downside price objective is pushing and closing prices below solid support at 37.50 cents. First resistance is seen at 39.00 cents and then at the contract high of 39.20 cents. First support is seen at 38.29 cents and then at 38.00 cents.

39.20 — the contract high
38.62 — 10-day moving average
37.90 — 20-day moving average
37.40 — 40-day moving average
22.28 — the contract low

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Source: VantagePoint Intermarket Analysis Software

DECEMBER CORN

Chicago Board of Trade December corn prices Friday closed lower and nearer the session low, at the weekly low close and closed at a fresh eight-month low close. While I do not see a lot of downside price potential in corn with prices at present levels, neither do I see strong upside price potential. Bulls’ next upside price objective is closing prices above solid technical resistance at $3.50. The next downside price objective for the bears is to close prices below solid support at Friday’s low of $3.30 1/2. First resistance for December corn is seen at $3.40 and then at Friday’s high of $3.42 1/2. First support is seen at $3.30 1/2 and then at $3.25.

4.29 1/2 — the contract high
3.49 1/2 —10-day moving average
3.53 3/4 — 20-day moving average
3.47 1/2 — 40-day moving average
2.48 ——– the contract low

DECEMBER CBOT WHEAT

CBOT December wheat prices Friday closed slightly lower and nearer the session low. Wheat bulls still have the upside technical advantage. Bulls’ next upside price objective is to close prices above resistance at the contract high of $6.58 a bushel. The next downside price objective for the bears is closing prices below strong support at $6.10 a bushel. First resistance is seen at Friday’s high of $6.45 and then at last week’s high of $6.51 1/2. First support lies at Friday’s low of $6.30 and then at $6.25.

6.58 ——– the contract high
6.28 1/4 — 10-day moving average
6.22 1/2 — 20-day moving average
5.97 1/2— 40-day moving average
3.86 ——– the contract low

DECEMBER KCBT WHEAT

December Kansas City wheat prices Friday closed lower and near the session low. Wheat bulls still have the technical advantage. Bulls’ next upside price objective is closing prices above solid resistance at last week’s high of $6.34 a bushel. The bears’ next downside objective is closing prices below solid support at $6.00 a bushel. First resistance is seen at Friday’s high of $6.29 and then at $6.34. First support is seen at $6.15 and then at $6.10.

6.49 ——– the contract high
6.15 1/2 — 10-day moving average
6.12 ——– 20-day moving average
5.86 3/4 — 40-day moving average
4.16 ——– the contract low

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Source: VantagePoint Intermarket Analysis Software