by Jim Wyckoff, Senior Analyst TraderPlanet.com

JANUARY SOYBEANS

January soybean prices Friday closed slightly lower and near the session low but did hit a fresh contract high. Bean bulls still have the solid near term technical advantage. The soybean complex will continue to be heavily influenced by the key “outside markets” crude oil, gold and the U.S. dollar. The next upside price objective for the bulls is to push and close prices above major psychological resistance at $11.00 a bushel. The next downside price objective for the bears is closing prices below strong support at $10.62 1/4, which is the bottom of an upside price gap on the daily bar chart. First resistance for January soybeans is seen at Friday’s contract high of $10.88 and then at $11.00. First support is seen at $10.70 1/2 and then at $10.62 1/2.

10.88 ——– the contract high
10.54 ——– 10-day moving average
10.32 ——– 20-day moving average
10.10 3/4 — 40-day moving average
6.02 ——– the contract low

MARCH SOYBEAN MEAL

CBOT March soymeal prices Friday closed slightly lower and near the session low but did hit another fresh contract high. Bulls still have solid upside technical power. The next upside price objective for the bulls is to produce multiple closes above major psychological resistance at $300.00. The next downside price objective for the bears is closing prices below solid support at $290.00. First resistance comes in at $300.00 and then at Friday’s contract high of $302.00. First support is seen at $296.00 and then at $294.50.

302.00 — the contract high
289.70 — 10-day moving average
286.10 — 20-day moving average
284.00 — 40-day moving average
191.50 — the contract low


MARCH SOYBEAN OIL

March bean oil prices Friday closed higher and near mid-range. The bean oil bulls still solid have the solid near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at the contract high of 46.05 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 45.00 cents. First resistance is seen at 46.05 cents and then at 46.25. First support is seen at Friday’s low of 45.68 cents and then at 45.38 cents.

46.05 — the contract high
45.17 — 10-day moving average
43.78 — 20-day moving average
42.15 — 40-day moving average
30.85 — the contract low

MARCH CORN

Chicago Board of Trade March corn prices Friday closed higher and near mid-range. No technical damage has occurred recently. Corn will continue to closely track the key “outside markets” crude oil, gold and the U.S. dollar. The corn bulls’ next upside price objective is to push and close prices above major psychological resistance at $4.00 a bushel. The next downside price objective for the bears is to push and close prices below solid support at last week’s low of $3.91 1/2. First resistance for March corn is seen at Friday’s high of $3.98 1/4 and then at $4.00. First support is seen at Friday’s low of $3.94 1/4 and then at Thursday’s low of $3.91 1/2.

4.39 ——– the contract high
3.98 1/2 — 10-day moving average
3.92 ——– 20-day moving average
3.83 1/2 — 40-day moving average
2.76 ——– the contract low

MARCH CBOT WHEAT

CBOT March wheat prices Friday closed solidly lower and near the session low. The bears still have downside technical momentum as near-term chart damage has been inflicted recently. A seven-week-old downtrend line is still in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above major psychological technical resistance at $8.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $7.63 a bushel. First resistance is seen at $7.80 and then at Friday’s high of $7.88. First support lies at Friday’s low of $7.66 1/2 and then at $7.63.

9.66 1/2 — the contract high
7.89 1/4 — 10-day moving average
8.11 3/4 — 20-day moving average
8.52 1/4 — 40-day moving average
4.58 ——– the contract low

MARCH KCBT WHEAT

March Kansas City wheat prices Friday closed solidly lower and near mid-range. The bears still have downside technical momentum. A seven-week-old downtrend is still in place on the daily bar chart. Bulls’ next upside price objective is pushing and closing prices above major psychological resistance at $8.00 a bushel. The bears’ next downside objective is closing prices below solid technical support at last week’s low of $7.69. First resistance is seen at last week’s high of $8.01 and then at $8.10. First support is seen at Friday’s low of $7.77 and then at $7.69.

9.50 ——– the contract high
8.01 3/4 — 10-day moving average
8.23 3/4 — 20-day moving average
8.53 1/2 — 40-day moving average
4.72 ——– the contract low