by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER CORN
December corn prices Friday closed lower, nearer the session low and closed at a bearish weekly low close. Bearish “outside markets”–a firmer U.S. dollar and lower crude oil prices–have pressured corn recently. Corn bulls are fading and the bears have some downside technical momentum. The 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 technical support at the July low of $5.62 3/4. First resistance for December corn is seen at $5.90 and then at $6.00. First support is seen at Friday’s low of $5.80 3/4 and then at $5.75.
7.99 1/4 — the contract high
5.93 3/4 — 10-day moving average
5.67 3/4 — 20-day moving average
6.06 3/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed lower, nearer the session low, hit a fresh three-week low and closed at a bearish weekly low close. Bears have solid downside technical momentum. Traders will continue to monitor the key “outside markets”–crude oiland the U.S. dollar–for direction. Those markets have been bearishly postured for wheat recently. The next downside price objective for the bears is pushing and closing prices below solid technical support at the August low of $7.71. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at $8.50 a bushel. First resistance is seen at $8.20 and then at $8.30. First support lies at Friday’s low of $7.98 1/2 and then at $7.90.
12.84 1/4 — the contract high
8.62 1/2 — 10-day moving average
8.44 1/2 — 20-day moving average
8.37 3/4 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday closed lower, near the session low, at a bearish weekly low close and hit a fresh three-week low. Bears have solid downside momentum on their side. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $8.75 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at the August low of $8.09 1/2. First resistance is seen at Friday’s high of $8.49 1/2 and then at $8.68. First support is seen at Friday’s low of $8.36 and then at the July low of $8.31 1/2.
12.99 ——– the contract high
8.95 3/4 — 10-day moving average
8.76 3/4 — 20-day moving average
8.68 3/4 — 40-day moving average
4.88 ——– the contract low
NOVEMBER SOYBEAN
November soybean prices Friday closed steady and near mid-range in quiet, pre-holiday trading. Bean bulls still have the near-term technical advantage, but have faded a bit. Sharply lower crude oil prices to start the week are also a bearish factor for beans. 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 $13.74 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $13.00. First resistance for November soybeans is seen at Friday’s high of $13.39 and then at $13.50. First support is seen at Friday’s low of $13.16 3/4 and then at of last week’s low of $13.07.
16.36 3/4 — the contract high
13.22 3/4 — 10-day moving average
12.81 ——– 20-day moving average
13.73 1/2 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed lower and nearer the session low on more profit taking. Prices are still in a three-week-old uptrend on the daily bar chart, but the bulls have faded a bit with Friday’s bearish weekly low close. Bulls 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 $375.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $353.30. First resistance comes in at Friday’s high of $363.10 and then at $367.20. First support is seen at last week’s low of $354.70 and then at $353.30.
$431.90 — the contract high
$358.50 — 10-day moving average
$346.40 — 20-day moving average
$366.50 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December bean oil prices Friday closed slightly higher and near mid-range. The bulls are fading amid fallingcrude oil futuresprices. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 55.55 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at last week’s low of 53.28 cents. First resistance is seen at Friday’s high of 54.72 cents and then at 55.00 cents. First support is seen at Friday’s low of 53.64 cents and then at 53.28 cents.
74.00 — the contract high
54.47 — 10-day moving average
53.53 — 20-day moving average
58.07 — 40-day moving average
23.28 — the contract low
