by Jim Wyckoff, Senior Analyst Trader Planet.com
JULY SOYBEAN
July soybean prices Friday closed solidly higher, nearer the session high, at a bullish weekly high close and hit another fresh 13-week high. Bulls have solid upside near-term technical momentum on their side. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the contract high of $15.95 3/4 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $15.00. First resistance for July soybeans is seen at Friday’s high of $15.71 3/4 and then at $15.95 3/4. First support is seen at $15.46 3/4 and then at Friday’s low of $15.20 1/4.
15.95 3/4 — the contract high
14.53 1/2 — 10-day moving average
14.01 1/4 — 20-day moving average
13.66 3/4 — 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed solidly higher, at a bullish weekly high close, hit another fresh contract high and closed nearer the session high. Bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at Friday’s contract high of $416.40. The next downside price objective for the bears is pushing and closing prices below solid support at $385.00. First resistance comes in at Friday’s contract high of $416.40 and then at $420.00. First support is seen at $405.90 and then at $400.00.
$416.40 — the contract high
$375.60 — 10-day moving average
$356.40 — 20-day moving average
$349.00 — 40-day moving average
$204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed slightly lower and near mid-range. Prices did hit a fresh 13-week high Friday. Bean oil bulls have the near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 68.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at 64.00 cents. First resistance is seen at 67.00 cents and then at Friday’s high of 67.20 cents. First support is seen at Friday’s low of 65.20 cents and then at 65.00 cents.
71.32 — the contract high
63.45 — 10-day moving average
62.64 — 20-day moving average
61.18 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday hit another fresh contract and all-time high and closed near the session high.Prices also closed at a bullish weekly high close. Corn bulls have the solid near-term technical advantage amid no early technical clues of a market top being close at hand. The bulls’next upside price objective is to push and close prices above technical resistance at $7.50. The next downside price objective for the bears is to push and close prices below solid support at $7.00. First resistance for July corn is seen at Friday’s contract high of $7.37 1/2 and then at $7.40. First support is seen at $7.25 and then at $7.20.
7.37 1/2 — the contract high
6.60 3/4 — 10-day moving average
6.27 1/2 — 20-day moving average
6.17 1/2 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed higher and hit another fresh seven-week high and closed at a bullish weekly high close. Bulls still have gained upside technical momentum recently. Bulls’ next upside price objective is to push and close July futures prices above psychological resistance at $9.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $8.38 a bushel. First resistance is seen at Friday’s high of $8.93 and then at $9.00. First support lies at $8.50 and then at $8.38.
12.72 3/4 — the contract high
8.08 1/4 — 10-day moving average
7.86 1/2 — 20-day moving average
8.01 1/2 — 40-day moving average
3.72 ——– the contract low
JULY KCBT WHEAT
July Kansas City wheat prices Friday closed solidly higher and near the session high. Prices also closed at a bullish weekly high close and hit a fresh seven-week high. Bulls have gained upside technical momentum recently. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $9.50 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $8.70. First resistance is seen at Friday’s high of $9.32 and then at $9.50. First support is seen at $9.00 and then at Friday’s low of $8.80.
13.00 ——– the contract high
8.45 1/2 — 10-day moving average
8.29 ——– 20-day moving average
8.44 3/4 — 40-day moving average
4.36 ——– the contract low
