by Jim Wyckoff, Senior Analyst, TraderPlanet.com
JANUARY SOYBEAN
January soybean prices Friday closed higher and near the session high. Short covering was featured. Soybean bears have the overall near-term technical advantage. However, prices have been trading in a sideways range for two weeks, which does suggest the bears may be getting exhausted at lower price levels. 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 $9.81 3/4 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $8.38 1/2. First resistance for January soybeans is seen at Friday’s high of $9.26 and then at $9.55 1/2. First support is seen at $9.00 and then at last week’s low of $8.82 1/2.
16.48 ——- the contract high
9.23 3/4 — 10-day moving average
9.11 1/2 — 20-day moving average
10.01 3/4 — 40-day moving average
7.90 1/4 — the contract low
DECEMBER SOYBEAN MEAL
December soymeal prices Friday closed higher and near the session high. Short covering was featured. Bears still have the overall near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at $280.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $258.40. First resistance comes in at Friday’s high of $271.90 and then at $275.00. First support is seen at $267.50 and then at Friday’s low of $252.60.
$431.90 — contract high
$273.50 — 10-day moving average
$266.00 — 20-day moving average
$282.30 — 40-day moving average
$172.20 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday closed weaker and near the session low. Prices also closed at a bearish weekly low close. Bean oil prices are still in a four-month-old downtrend on the daily bar chart. Bears still have the near-term technical advantage. 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 37.08 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at the October low of 30.65 cents. First resistance is seen at Friday’s high of 34.79 cents and then at 36.00 cents. First support is seen at last week’s low of 33.14 cents and then at 32.50 cents.
74.00 — the contract high
33.88 — 10-day moving average
34.67 — 20-day moving average
39.51 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed weaker and again closed near the session low. Prices also closed at a bearish weekly low close. Bears have downside near-term technical momentum to suggest a retest of the October low of $3.64. Corn prices are still trading below a four-month-old downtrend line on the daily bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at the October low of $3.64. The bulls’ next upside price objective is to push and close prices above psychological resistance at $4.00. First resistance for December corn is seen at $3.80 and then at Friday’s high of $3.88. First support is seen at last week’s low of $3.74 1/2 and then at $3.70.
7.99 1/4 — the contract high
3.96 3/4 — 10-day moving average
3.97 1/4 — 20-day moving average
4.48 3/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CBOT WHEAT
December Chicago wheat prices Friday closed weaker and nearer the session low. Prices also closed at a bearish weekly low close. The wheat bears have the overall near-term technical advantage and have regained downside momentum. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $4.96 1/2. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at last week’s high of $5.87 3/4 a bushel. First resistance is seen at Friday’s high of $5.29 1/2 and then at $5.40. First support lies at last week’s low of $5.13 1/2 and then at $5.00.
12.84 1/4 — the contract high
5.39 1/2 — 10-day moving average
5.45 1/4 — 20-day moving average
6.09 3/4 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed firmer and near the session high. The bears still have the overall near-term technical advantage. The bulls’ next upside price objective is pushing and closing prices above psychological resistance at $6.00 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at the October low of $5.33. First resistance is seen at $5.75 and then at $6.00.
First support is seen at last week’s low of $5.59 and then at $5.50.
12.99 ——– the contract high
5.77 3/4 — 10-day moving average
5.81 ——– 20-day moving average
6.45 ——– 40-day moving average
4.88 ——– the contract low
