by Jim Wyckoff, Senior Analyst TraderPlanet.com

JULY SOYBEAN

July soybean prices Friday closed higher and nearer the session low. Prices did hit a fresh three-month high and close at a bullish weekly high close. Bulls have gained solid upside near-term technical momentum recently and are looking for more on the upside in the near term. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $15.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $13.90. First resistance for July soybeans is seen at Friday’s high of $14.87 3/4 and then at $15.00. First support is seen at Friday’s low of $14.48 1/2 and then at $14.15.

15.96 ——– the contract high
13.79 3/4 — 10-day moving average
13.66 1/4 — 20-day moving average
13.50 3/4 — 40-day moving average
6.26 ——– the contract low

JULY SOYMEAL

CBOT July soymeal prices Friday closed slightly lower and nearer the session low. Prices did hit a fresh three-month high. Bulls still have solid upside technical momentum. The next upside price objective for the bulls is to produce a close above solid technical resistance at Friday’s high of $384.30. The next downside price objective for the bears is pushing and closing prices below solid support at $360.00. First resistance comes in at $375.00 and then at $377.50. First support is seen at Friday’s low of $369.50 and then at $367.50.

$397.00 — the contract high
$348.50 — 10-day moving average
$344.60 — 20-day moving average
$343.80 — 40-day moving average
$204.00 — the contract low

JULY BEAN OIL

July bean oil prices Friday closed sharply higher, nearer the session high, hit a fresh three-month high and closed at a bullish weekly high close. Bulls have solid near-term technical momentum on their side. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 66.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at 60.00 cents. First resistance is seen at Friday’s high of 65.10 cents and then at 65.50 cents. First support is seen at 64.00 cents and then at 63.50 cents.

71.32 — the contract high
62.02 — 10-day moving average
61.76 — 20-day moving average
60.83 — 40-day moving average
31.90 — the contract low

JULY CORN

Chicago Board of Trade July corn prices Friday closed higher, near mid-range, scored a fresh contract and all-time high and closed at a bullish weekly high close. Bullish “outside markets” that included record-high crude oil and a weaker U.S. dollar bolstered corn again on Friday. Corn bulls have the solid near-term technical advantage, and are looking for still more on the upside in the near term, amid an early weather-market rally under way. The bulls’ next upside price objective is to push and close prices above solid technical resistance at Friday’s contract high of $6.63 1/4. The next downside price objective for the bears is to push and close prices below solid support at $6.25. First resistance for July corn is seen at Friday’s contract high of $6.63 1/4 and then at $6.75. First support is seen at Friday’s low of $6.41 3/4 and then at $6.39.

6.63 1/4 — the contract high
6.10 1/2 — 10-day moving average
6.06 ——– 20-day moving average
6.07 ——– 40-day moving average
2.65 ——– the contract low

JULY CBOT WHEAT

CBOT July wheat prices Friday closed solidly higher, near mid-range, hit a fresh four-week high and closed at a bullish weekly high close. Bulls have gained fresh upside technical momentum and on Friday produced a bullish upside “breakout” from a sideways trading range at lower price levels. Bullish “outside markets” crude oil and a weaker U.S. dollar also supported buying interest in wheat Friday. Bulls’ next upside price objective is to push and close July futures prices above technical resistance at $8.50 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $7.75 a bushel. First resistance is seen at Friday’s high of $8.29 3/4 and then at the May high of $8.44. First support lies at $8.00 and then at Friday’s low of $7.83 1/4.

12.72 3/4 — the contract high
7.65 3/4 — 10-day moving average
7.73 3/4 — 20-day moving average
8.11 1/2 — 40-day moving average
3.72 ——– the contract low

JULY KANSAS CITY WHEAT

July Kansas City wheat prices Friday closed solidly higher, nearer the session high, hit a fresh four-week high and closed at a bullish weekly high close. Bullish “outside markets”–higher crude oil and a weaker U.S. dollar–boosted wheat. Bulls have fresh upside technical momentum after Friday producing a bullish upside “breakout” from a sideways trading range at lower price levels. The bulls’ next upside price objective is pushing and closing prices above psychological resistance at $9.00 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $8.15, which would fill on the downside Friday’s upside price gap on the daily bar chart. First resistance is seen at Friday’s high of $8.57 and then at the May high of $8.86. First support is seen at $8.24 and then at Friday’s low of $8.25.

13.00 ——– the contract high
8.06 1/4 — 10-day moving average
8.17 ——– 20-day moving average
8.55 1/2 — 40-day moving average
4.36 ——– the contract low