by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed sharply higher and near the session high. Trading has turned very choppy. Prices are still trapped in a six-week-old sideways trading range between the April high of $14.15 and the May low of $12.44. The direction in which prices break out of this trading range is likely to be the next significant trend in prices. The next downside price objective for the bears is pushing and closing prices below psychological support at $13.00. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at last week’s high of $13.84 a bushel. First support for July soybeans is seen at $13.50 and then at $13.30. First resistance is seen at Friday’s high of $13.65 and then at $13.76.
15.96 ——– the contract high
13.49 1/4 — 10-day moving average
13.39 1/4 — 20-day moving average
13.38 1/2 — 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed solidly higher and nearer the session high as trading has turned very choppy. The next upside price objective for the bulls is to produce a close above solid technical resistance at $350.00. The next downside price objective for the bears is pushing and closing prices below solid support at $325.00. First resistance comes in at Friday’s high of $346.00 and then at $350.00. First support is seen at $338.00 and then at $335.00.
$397.00 — the contract high
$337.10 — 10-day moving average
$338.10 — 20-day moving average
$341.60 — 40-day moving average
$204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed solidly higher and near the session high. Bulls and bears are presently on a level near-term technical playing field. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the May high of 64.88 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at 59.02 cents. First resistance is seen at 62.00 cents and then at 62.50 cents. First support is seen at 61.00 cents and then at 60.50 cents.
71.32 — the contract high
61.82 — 10-day moving average
60.81 — 20-day moving average
60.33 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed higher, near the session high and closed at a bullish weekly high close. Market action last Thursday, in which prices pushed below the boundary of a well-defined sideways trading range, appears to have been a classic “false breakout” as prices are now right back in the middle of a two-month-old trading range at higher levels. Bulls still have the overall technical advantage in corn, and regained momentum on Friday. The bulls’ next upside price objective is to push prices above solid technical resistance at
$6.11 1/4. The next downside price objective for the bears is to push and close prices below solid support at last week’s low of $5.72 3/4. First resistance for July corn is seen at Friday’s high of $6.03 1/4 and then at $6.07. First support is seen at $5.95 and then at $5.90.
6.34 ——– the contract high
5.94 1/4 — 10-day moving average
6.02 1/4— 20-day moving average
6.04 3/4 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed higher and near the session high on short covering in a bear market. Prices are still trapped below an 11-week-old downtrend on the daily bar chart. Bears still have some downside technical momentum. Bulls’ next upside price objective is to push and close July futures prices above technical resistance at $8.00 a bushel. The next downside price objective for the bears is pushing and closing prices below technical support at $7.00 a bushel. First resistance is seen at last week’s high of $7.67 3/4 and then at $7.76 1/2. First support lies at Friday’s low of $7.39 3/4 and then at last week’s low of $7.30 3/4.
12.72 3/4 — the contract high
7.64 3/4 — 10-day moving average
7.82 3/4 — 20-day moving average
8.33 1/4 — 40-day moving average
3.72 ——– the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed higher and nearer the session high. Bears do still have the overall near-term technical advantage. An 11-week-old downtrend is still in place on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $8.52 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $7.50. First resistance is seen at last week’s high of $8.12 and then at $8.30. First support is seen at Friday’s low of $7.89 and then at last week’s low of $7.82.
13.00 ——– the contract high
8.12 1/2 — 10-day moving average
8.29 1/2 — 20-day moving average
8.79 ——– 40-day moving average
4.36 ——– the contract low
