by Jim Wyckoff, Senior Analyst, TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices overnight last traded higher and nearer the session high after scoring a fresh 13-month low early on. Prices are still in a three-month-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above major psychological resistance at $10.00 a bushel. The next downside price objective for the bears is pushing and closing prices below major solid technical support at the overnight low of $9.11. First resistance for November soybeans is seen at the overnight high of $9.35 and then at $9.50. First support is seen at $9.25 and then at $9.11.
16.36 3/4 — the contract high
9.72 1/4 — 10-day moving average
10.63 1/4 — 20-day moving average
11.64 1/2 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYBEAN MEAL
December soymeal prices overnight last traded higher and nearer the session high on short covering in a bear market. Prices did hit a fresh 13-month low early on. Prices are still in a three-month-old downtrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $279.20. The next downside price objective for the bears is pushing and closing prices below solid technical support at the overnight low of $246.70. First resistance comes in at the overnight high of $263.80 and then at $270.00. First support is seen at $255.00 and then at $250.00.
$431.90 — contract high
$268.30 — 10-day moving average
$294.80 — 20-day moving average
$320.90 — 40-day moving average
$172.20 — the contract low
DECEMBER SOYBEAN OIL
December bean oil pricesovernight last traded firmer and near the session high. Prices hit a fresh 14-month low early on. Bean oil prices are still in a 3.5-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 42.50 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at last week’s low of 36.80 cents. First resistance is seen at 39.00 cents and then at 40.00 cents. First support is seen at the overnight low of 36.80 cents and then at 36.00 cents.
74.00 — the contract high
40.95 — 10-day moving average
43.92 — 20-day moving average
47.87 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices overnight last traded higher and nearer the session high on short covering in a bear market. Prices hit a fresh 12-month low in the overnight session. Prices are in a 14-week-old downtrend 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 overnight low of $3.98 1/2. The bulls’ next upside price objective is to push and close prices above resistance at $4.42 1/2. First resistance for December corn is seen at the overnight high of $4.17 1/2 and then at $4.25. First support is seen at $4.10 and then at $4.00.
7.99 1/4 — the contract high
4.40 3/4 — 10-day moving average
4.93 ——– 20-day moving average
5.33 1/2 — 40-day moving average
2.59 ——– the contract low
DECEMBER CBOT WHEAT
December Chicago wheat prices were higher in overnight trading. The wheat bears still have the solid near-term technical advantage. Prices are still in a six-month-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at $5.50. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at $6.50 a bushel. First resistance is seen at the overnight high of $5.84 1/2 and then at $6.00. First support lies at the overnight low of $5.65 1/4 and then at last week’s low of $5.57 3/4.
12.84 1/4 — the contract high
6.18 ——– 10-day moving average
6.67 1/4 — 20-day moving average
7.35 1/2 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday gapped lower on the daily bar chart, closed solidly lower, hit a fresh 13-month low and closed at a bearish weekly low close. Bears still have the solid near-term technical advantage. Prices are in a 6.5-month-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $6.35 1/2 a bushel, which would fill on the upside Friday’s downside price gap on the daily chart. The bears’ next downside objective is pushing and closing prices below solid technical support at $5.50. First resistance is seen at Friday’s high of $6.12 and then at $6.26. First support is seen at $6.00 and then at Friday’s low of $5.96.
12.99 ——– the contract high
6.60 1/2 — 10-day moving average
7.09 ——– 20-day moving average
7.77 3/4 —- 40-day moving average
4.88 ——– the contract low
