by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER CORN
December corn prices Friday closed slightly lower, near mid-range and did set a fresh contract high.Traders are anxiously awaiting next Monday morning’s USDA planted acres report, especially after recent heavy flooding in the Corn Belt. Corn bulls have the solid near-term technical advantage amid no significant technical clues that a market top is close at hand. The bulls’ next upside price objective is to push and close prices above major psychological resistance at $8.00. The next downside price objective for the bears is to push and close prices below solid support at $7.50. First resistance for December corn is seen at $8.00 and then at $8.05. First support is seen at Friday’s low of $7.80 and then at $7.75.
7.99 1/4 — the contract high
7.68 1/2 — 10-day moving average
7.29 ——- 20-day moving average
6.77 1/2 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed solidly lower and near the session low. Bulls still have the slight near-term technical advantage but did fade on Friday. Bulls’ next upside price objective is to push and close December futures prices above major psychological resistance at $10.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $9.00 a bushel. First resistance is seen at $9.50 and then at Friday’s high of $9.83. First support lies at Friday’s low of $9.28 1/4 and then at $9.12.
12.84 1/4 — the contract high
9.29 3/4 — 10-day moving average
8.88 3/4 — 20-day moving average
8.53 1/2 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday closed solidly lower and near the session low. Bulls have the slight near-term technical advantage but did fade on Friday. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of $10.22 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $9.25. First resistance is seen at $9.83 and then at $10.00. First support is seen at Friday’s low of $9.66 and then at $9.50.
12.99 ——– the contract high
9.63 1/4 — 10-day moving average
9.21 ——– 20-day moving average
8.90 1/2 — 40-day moving average
4.88 ——– the contract low
NOVEMBER SOYBEAN
November soybean prices Friday closed weaker, nearer the session low but did hit another fresh contract high. Bulls still have solid near-term technical momentum on their side, amid no early warning signals of a market top being close at hand. Traders are anxiously awaiting next Monday morning’s USDA planted acres report. The next upside price objective for the bean bulls is to push and close prices above major psychological resistance at $16.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $14.73 3/4. First resistance for November soybeans is seen at Friday’s contract high of $15.79 and then at $16.00. First support is seen at Friday’s low of $15.51 and then at $15.40.
15.79 ——– the contract high
15.28 3/4 — 10-day moving average
14.84 3/4 — 20-day moving average
13.95 1/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed higher, near the session high and hit another fresh contract high. Bulls have solid upside technical momentum, amid still no early clues of a market top being close at hand. The next upside price objective for the bulls is to produce a close above solid technical resistance at $420.00. The next downside price objective for the bears is pushing and closing prices below solid support at $395.00. First resistance comes in at Friday’s contract high of $409.00 and then at $412.50. First support is seen at Friday’s low of $403.70 and then at $400.00.
$409.00 — the contract high
$395.30 — 10-day moving average
$377.30 — 20-day moving average
$348.70 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December beanoil pricesFriday closed weaker and near mid-range. Bean oil bulls have the near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the June high of 70.31 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at last week’s low of 63.46 cents. First resistance is seen at Friday’s high of 68.21 cents and then at 69.00 cents. First support is seen at Friday’s low of 66.86 cents and then at 66.00 cents.
74.00 — the contract high
66.45 — 10-day moving average
65.81 — 20-day moving average
64.03 — 40-day moving average
23.28 — the contract low
