by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed higher but nearer the session low after hitting a fresh four-week high early on. Prices are trading in the upper boundary of a big 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 solid technical support at $13.50. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at Friday’s high of $14.02 a bushel. First support for July soybeans is seen at Friday’s low of $13.66 and then at $13.50. First resistance is seen at $14.02 and then at $14.15.
15.96 ——– the contract high
13.36 3/4 — 10-day moving average
13.32 1/2 — 20-day moving average
13.25 ——– 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed higher but nearer the session low and did hit a fresh four-week high early on. Bulls still have the near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $334.70. The next upside price objective for the bulls is to produce a close above solid technical resistance at Friday’s of $357.00. First resistance comes in at $352.50 and then at $355.00. First support is seen at Friday’s low of $346.50 and then at $344.00.
$394.00 — the contract high
$340.20 — 10-day moving average
$341.60 — 20-day moving average
$342.90 — 40-day moving average
$204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed solidly higher and near mid-range. Trading has turned choppy in bean oil. Bears’ next downside technical price objective is pushing and closing prices below solid support at last week’s low of 59.03 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 62.45 cents. First resistance is seen at 62.45 cents and then at 63.00 cents. First support is seen at Friday’s low of 61.38 cents and then at 60.95 cents.
71.32 — the contract high
60.27 — 10-day moving average
59.74 — 20-day moving average
59.05 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed lower, near the session low and closed at a bearish weekly low close. Bulls have faded recently but there is very strong technical support located at $5.83, which is the bottom of the recent sideways trading range at higher price levels. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $6.00. The next downside price objective for the bears is to push and close prices below solid support at $5.83. First resistance for July corn is seen at $5.95 and then at $6.00. First support is seen at Friday’s low of $5.88 and then at $5.83.
6.34 ——– the contract high
6.08 1/4 — 10-day moving average
6.06 1/4 — 20-day moving average
6.01 ——– 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed higher and nearer the session high on short covering in a bear market. Prices are still in a two-month-old downtrend on the daily bar chart. Bears still have the overall near-term technical advantage. Bulls’ next upside price objective is to push and close July futures prices above psychological resistance at $8.00 a bushel. The next downside price objective for the bears is pushing and closing prices below technical support at last week’s low of $7.49 a bushel. First resistance is seen at Friday’s high of $7.83 and then at $7.90. First support lies at Friday’s low of $7.67 and then at $7.49.
12.72 3/4 — the contract high
7.97 ——– 10-day moving average
8.10 3/4 — 20-day moving average
8.83 1/2 — 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. Short covering in a bear market was featured. Bears still have the overall near-term technical advantage. A two-month-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 $8.50 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $7.98. First resistance is seen at Friday’s high of $8.32 and then at last week’s high of $8.47. First support is seen at Friday’s low of $8.16 3/4 and then at $8.00.
13.00 ——– the contract high
8.42 3/4 — 10-day moving average
8.55 1/4 — 20-day moving average
9.28 1/2 — 40-day moving average
4.36 ——– the contract low
