by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEANS
July soybean prices Friday closed sharply higher, near thesession high and hit another fresh contract high. The bulls’march toward the next major psychological resistance level of$9.00 a bushel continues, amid a weather market. The next upside price objective for the bulls is closing prices above technical resistance at $8.50. The next downside price objective for thebears is closing prices below solid support at $8.22. Firstresistance for July soybeans is seen at the contract high of$8.48 and then at $8.50. First support is seen at $8.40 and thenat Friday’s low of $8.33 1/2.
8.48 ——– the contract high
8.27 3/4 — 10-day moving average
8.15 1/2 — 20-day moving average
7.83 1/2 — 40-day moving average
5.82 1/2 — the contract low
JULY SOYBEAN MEAL
CBOT July soymeal prices Friday closed solidly higher, near thesession high, at the weekly high close and hit a fresh 3.5-monthhigh. Meal bulls still have solid upside technical momentum and are looking for more on the upside in the near term. The next upside price objective for the bulls is producing a close abovesolid chart resistance at the contract high of $245.20. The nextdownside price objective for the bears is closing prices belowsolid support at $225.00. First resistance comes in at Friday’shigh of $235.70 and then at $238.00. First support is seen at$232.50 and then at Friday’s low of $230.00.
245.20 — the contract high
227.60 — 10-day moving average
222.10 — 20-day moving average
212.20 — 40-day moving average
167.30 — the contract low
JULY SOYBEAN OIL
July bean oil prices Friday closed solidly higher, nearer the session high and closed at the weekly high close. Bean oil bullsstill have the solid near-term technical advantage. The next upside price objective for the bulls is pushing prices abovesolid technical resistance at the contract high of 36.41 cents. Bears’ next downside price objective is pushing and closing prices below solid support at last week’s low of 34.52 cents.First resistance is seen at Friday’s high of 36.10 cents and thenat 36.41 cents. First support is seen at Friday’s low of 35.50cents and then at 35.25 cents.
36.41 — the contract high
35.63 — 10-day moving average
35.50 — 20-day moving average
34.55 — 40-day moving average
22.50 — the contract low
Source: VantagePoint Intermarket Analysis Software
JULY CORN
Chicago Board of Trade July corn prices Friday closed sharply higher, near mid-range and did hit another fresh 11-week high. More fresh fund buying and bullish weather forecasts propelledthe market. Bulls still have upside technical momentum and are looking for more on the upside in the near term. But don’t expecta smooth ride north. Once corn prices do push above a majorpsychological resistance at $4.00 a bushel, then significantlylarger daily price moves can occur–both on the upside and on thedownside. Bulls’ next upside price objective is closing pricesabove solid technical resistance at $4.25. The next downside price objective for the bears is closing prices below solid support at $4.00 a bushel. First resistance for July corn is seen at Friday’s high of $4.23 1/2 and then at $4.25. First support isseen at Friday’s low of $4.14 1/2 and then at $4.10.
4.58 1/2 — the contract high
3.92 3/4 —10-day moving average
3.84 3/4 — 20-day moving average
3.78 3/4 — 40-day moving average
2.42 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed steady in quieter trading as traders took a rest day following big gains earlier in the week. Wheat bulls still have solid upside technical momentum and are still looking for more on the upside in the near term. The marketis still short-term overbought, technically, and a downside correction soon would not be surprising, either. Bulls’ next upside price objective is to close prices above resistance at$6.50 a bushel. The next downside price objective for the bearsis closing prices below solid support at $5.50 a bushel. Firstresistance is seen at Friday’s high of $6.12 1/2 and then at the contract high of $6.18 1/2. First support lies at $6.00 and thenat $5.90.
6.18 1/2 —- the contract high
5.54 1/4 — 10-day moving average
5.23 3/4 — 20-day moving average
5.10 3/4 — 40-day moving average
3.49 ——– the contract low
JULY KCBT WHEAT
July Kansas City wheat prices Friday closed lower and near the session low on some mild profit-taking pressure from recent strong gains. Bulls still have solid upside technical momentum. Bulls’ next upside price objective is closing prices above solidresistance at $6.25 a bushel. Above that, $6.50 is the nextupside price objective. The bears’ next downside objective is closing prices below solid support at $5.60 a bushel. First resistance is seen at Friday’s high of $6.05 and then at the contract high of $6.15. First support is seen at Friday’s low of$5.94 and then at $5.90.
6.15 ——– the contract high
5.44 1/4 — 10-day moving average
5.13 3/4 — 20-day moving average
5.00 3/4 — 40-day moving average
3.79 1/2 — the contract low
