DECEMBER CORN
Chicago Board of Trade December corn prices Friday closed higher, near the session high and closed at the weekly high close on short covering following recent strong losses. While serious near-term technical damage has occurred recently, a strong close on Monday would be a solid clue that a near-term low is in place. My bias is that there is not much downside potential left in the corn futures market. However, it’s going to take another weather market scare in the next two weeks to drive prices back sharply higher. Bulls’ next upside price objective is closing prices above solid technical resistance at $3.65. The next downside price objective for the bears is closing prices below solid chart support at this week’s low of $3.36 a bushel. First resistance for December corn is seen at Friday’s high of $3.52 1/2 and then at $3.56. First support is seen at $3.50 and then at Friday’s low of $3.45.
4.29 1/2 — the contract high
3.58 1/2 —10-day moving average
3.83 3/4 — 20-day moving average
3.79 3/4 — 40-day moving average
2.48 ——– the contract low
DECEMBER CBOT WHEAT
CBOT December wheat prices Friday closed higher, near the session high and at the weekly high close. Wheat bulls still have strong upside technical momentum and the weekly high close on Friday was a good sign for the bulls. Bulls’ next upside price objective is to close prices above resistance at $6.35 a bushel. The next downside price objective for the bears is closing prices below psychological support at $6.00 a bushel, which would also almost fill on the downside last week’s upside price gap on the daily bar chart. First resistance is seen at Friday’s high of $6.24 and then at $6.30. First support lies at Friday’s low of $6.11 1/2 and then at $6.06 1/2.
6.58 ——– the contract high
6.16 3/4 — 10-day moving average
6.11 3/4 — 20-day moving average
5.67 1/4 — 40-day moving average
3.86 ——– the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed higher, near the session high and at the weekly high close. Wheat bulls still have strong upside technical momentum and the weekly high close on Friday was a good sign for the bulls. Bulls’ next upside price objective is closing prices above solid resistance at $6.31 a bushel. The bears’ next downside objective is closing prices below solid support at $6.00 a bushel, which would also nearly fill on the downside last week’s upside price gap on the daily bar chart. First resistance is seen at Friday’s high of $6.19 and then at $6.25. First support is seen at Friday’s low of $6.10 and then at $6.06.
6.49 ——– the contract high
6.08 1/2 — 10-day moving average
6.02 3/4 — 20-day moving average
5.57 3/4 — 40-day moving average
4.16 ——– the contract low
Source: VantagePoint Intermarket Analysis Software
NOVEMBER SOYBEANS
November soybean prices Friday closed higher and nearer the session high. A bullish pennant pattern has formed on the daily bar chart. The bulls still have the strong technical advantage and are looking for more on the upside in the near term. The next upside price objective for the bulls is closing prices above solid technical resistance at the contract high of $9.03 1/2. The next downside price objective for the bears is closing prices below solid support at $8.75, which is the top of a gap area on the daily bar chart. First resistance for November soybeans is seen at $9.03 1/2 and then at $9.10. First support is seen at Friday’s low of $8.89 1/2 and then at $8.80.
9.03 1/2 — the contract high
8.63 1/2 — 10-day moving average
8.64 3/4 — 20-day moving average
8.46 1/2 — 40-day moving average
5.95 ——– the contract low
DECEMBER SOYBEAN MEAL
CBOT December soymeal prices Friday closed slightly higher and near the session low. Meal bulls still have the solid near-term technical advantage. A bullish 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 the contract high of $251.70. The next downside price objective for the bears is closing prices below solid support at $239.50, which is the top of an upside price gap on the daily bar chart. First resistance comes in at Friday’s high of $246.00 and then at $248.00. First support is seen at $242.00 and then at $240.00.
251.70 — the contract high
236.30 — 10-day moving average
237.50 — 20-day moving average
230.50 — 40-day moving average
172.00 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday gapped higher on the daily bar chart, closed higher, near mid-range, closed at the weekly high close and closed at a fresh contract high close. Crude oil prices pushing above $72.00 a barrel boosted soybean oil. Bean oil bullshave the solid near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at the contract high of 38.88 cents. Bears’ next downside price objective is pushing and closing prices below solid support at 36.99 cents, which would fill on the downside an upside price gap on the daily bar chart. First resistance is seen at Friday’s high of 38.45 cents and then at 38.88 cents. First support is seen at 38.00 cents and then at last week’s low of 37.52 cents.
38.88 — the contract high
37.18 — 10-day moving average
36.95 — 20-day moving average
36.73 — 40-day moving average
22.28 — the contract low
