by Jim Wyckoff, Senior Analyst, TraderPlanet.com
January soybean prices Friday closed slightly higher and near mid-range. Soybean bears remain in overall near-term technical command. However, prices have been trading sideways for four weeks, which does give the bulls slight encouragement that a harvest low may be in place, or close at hand. 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 $9.54 1/4 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 $9.00 and then at Friday’s high of $9.10. First support is seen at Friday’s low of $8.78 and then at last week’s low of $8.72 3/4.
16.48 ——- the contract high
9.17 3/4 — 10-day moving average
9.13 1/4 — 20-day moving average
9.70 3/4 — 40-day moving average
7.90 1/4 — the contract low
DECEMBER SOYBEAN MEAL
December soymeal prices Friday slightly higher and near mid-range. 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 last week’s high of $278.80. The next downside price objective for the bears is pushing and closing prices below solid technical support at the November low of $258.40. First resistance comes in at Friday’s high of $269.20 and then at $274.80. First support is seen at Friday’s low of $262.00 and then at last week’s low of $260.40.
$431.90 — contract high
$269.30 — 10-day moving average
$270.10 — 20-day moving average
$275.60 — 40-day moving average
$172.20 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday closed weaker and near mid-range. 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 this last week’s high of 35.58 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 33.60 cents and then at 34.00 cents. First support is seen at last week’s low of 31.90 cents and then at 31.00 cents.
74.00 — the contract high
33.99 — 10-day moving average
33.85 — 20-day moving average
38.01 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed firmer and near mid-range on more short covering in a bear market and on some fresh bargain-hunting buying. Bears still have the near-term technical advantage. 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 last week’s low of $3.60 1/4. 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 Friday’s high of $3.86 1/4 and then at last week’s high of $3.89 1/2. First support is seen at Friday’s low of $3.70 1/2 and then at $3.63 1/4.
7.99 1/4 — the contract high
3.84 1/2 — 10-day moving average
3.91 1/2 — 20-day moving average
4.28 ——– 40-day moving average
2.59 ——– the contract low
DECEMBER CBOT WHEAT
December Chicago wheat prices Friday closed higher and nearer the session high and closed at a bullish weekly high close. Short covering in a bear market was featured. The wheat bears still have the overall near-term technical advantage. However, it would not surprise me to see still some more short covering and a modest price recovery in the near term. 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 the November high of $5.87 3/4 a bushel. First resistance is seen at Friday’s high of $5.59 3/4 and then at last week’s high of $5.68 1/2. First support lies at $5.50 and then at $5.40.
12.84 1/4 — the contract high
5.38 1/2 — 10-day moving average
5.36 3/4 — 20-day moving average
5.87 3/4 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed higher and near the session high and closed at a bullish weekly high close. Short covering in a bear market was featured again. The bears still have the overall near-term technical advantage. The bulls’ next upside price objective is pushing and closing prices above solid resistance at the November high of $6.22 1/2 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $5.50. First resistance is seen at $6.00 and then at last week’s high of $6.06. First support is seen at Friday’s low of $5.74 and then at $5.65.
12.99 ——– the contract high
5.79 1/2 —- 10-day moving average
5.74 1/4 —- 20-day moving average
6.23 1/4 — 40-day moving average
4.88 ——– the contract low
