by Jim Wyckoff, Senior Analyst TraderPlanet.com

JULY SOYBEAN

July soybean prices Friday gapped sharply lower on the daily bar chart, hit a fresh three-week low, closed limit down and closed at a bearish weekly low close. Prices were also limit down in overnight electronic trading. Serious near-term chart damage has been inflicted. Bulls have faded badly and the bears have fresh downside technical momentum. Bulls need to show solid power quickly or the bullish dominos could start to fall quickly. The next upside price objective for the bean bulls is to push prices above psychological resistance at $14.00 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $13.00. First resistance for July soybeans is seen at $13.75 and then at $14.00. First support is seen at $13.50 and then at $13.25.

15.96 ——– the contract high
15.04 1/4 — 10-day moving average
14.51 1/4 — 20-day moving average
13.80 1/4 ——– 40-day moving average
6.26 ——– the contract low

CBOT JULY SOYMEAL

CBOT July soymeal prices Friday gapped sharply lower on the daily bar chart, hit a fresh five-week low, closed limit down and closed at a bearish weekly low close. Serious near-term chart damage has been inflicted. Bulls have faded badly and the bears have fresh downside technical momentum. The next upside price objective for the bulls is to push prices above $372.00, which would fill on the upside Friday’s big downside price gap on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid support at the January low of $334.00. First resistance comes in at $356.00 and then at $360.00. First support is seen at $350.00 and then at $345.00.

$394.00 — the contract high
378.30 — 10-day moving average
372.80 — 20-day moving average
363.90 — 40-day moving average
204.00 — the contract low

JULY BEAN OIL

July bean oil prices on Friday opened and closed locked down the 200-point limit at 64.05 cents. Prices were also limit down overnight. Serious near-term chart damage has been inflicted and the bears have fresh downside technical momentum. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at 65.00 cents. Bears’ next downside technical price objective is pushing prices below solid support at 62.00 cents. First resistance is seen at 64.00 cents and then at 64.50 cents. First support is seen at 63.00 cents and then at 62.00 cents.

71.32 — the contract high
67.29 — 10-day moving average
63.49 — 20-day moving average
58.94 — 40-day moving average
31.90 — the contract low

JULY CORN

Chicago Board of Trade July corn prices Friday closed down the 20-cent limit and closed at a bearish weekly low close. Bulls are fading. Corn bulls do still have the overall near-term technical advantage. The corn bulls’ next upside price objective is to push and close prices above solid resistance at $5.70. The next downside price objective for the bears is to push and close prices below solid support at $5.50. First resistance for July corn is seen at $5.66 3/4 and then at $5.70. First support is seen at $5.55 and then at $5.50.

5.86 ——– the contract high
5.66 1/2 — 10-day moving average
5.51 1/4 — 20-day moving average
5.35 4/4 — 40-day moving average
2.65 ——– the contract low

CBOT JULY WHEAT

CBOT July wheat prices Friday closed lower and near the session high. Recent price action has formed a potentially bearish pennant pattern on the daily bar chart. Chicago wheat bulls’ next upside price objective is to push and close July futures prices above solid technical resistance at $10.87 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $10.30 a bushel. First resistance is seen at Friday’s high of $10.72 and then at $10.87. First support lies at $10.50 and then at Friday’s low of $10.40.

12.50 ——– the contract high
10.60 1/4 — 10-day moving average
10.07 3/4 — 20-day moving average
9.41 1/2 —- 40-day moving average
3.72 ——– the contract low

JULY KCBT WHEAT

July Kansas City wheat prices Friday closed lower and near the session high. Recent price action has also formed a potentially bearish pennant pattern on the daily bar chart for K.C. wheat. The bulls’ next upside price objective is pushing and closing prices above solid resistance at last week’s high of $11.55 a bushel. The bears’ next downside objective is pushing and closing prices major psychological support at $11.00. First resistance is seen at Friday’s high of $11.30 and then at $11.55. First support is seen at Friday’s low of $11.09 and then at $11.00.

13.00 ——– the contract high
11.35 3/4 — 10-day moving average
10.85 1/2 — 20-day moving average
10.15 ——– 40-day moving average
4.36 ——– the contract low