GRAINS: December corn futures closed down 4 1/2 cents at $4.63 3/4 Monday. Prices closed nearer the session low. The bears are in full technical command. Traders are awaiting the key USDS monthly supply and demand report, out Thursday morning. USDA will update its latest U.S. corn and soybean production forecasts. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.75. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the August low of $4.45 3/4. First resistance for December corn is seen at Monday’s high of $4.71 and then at $4.75. First support is seen at Monday’s low of $4.61 3/4 and then at last week’s low of $4.57. Wyckoff’s Market Rating: 1.5
November soybeans closed down 11 1/2 cents at $13.56 1/4 a bushel Monday. Prices closed nearer the session low Monday and scored a bearish “outside day” down on the daily bar chart. Weather in the U.S. Corn Belt has again turned dry and hot, but the recent price action in soybeans suggests traders have factored into prices all the damage that has been and will be done to the U.S. soybean crop due to the late-summer heat wave and drought. It will likely take some fresh fundamental news to give the soybean market a significant lift above the recent high. Traders are awaiting the key USDS monthly supply and demand report, out Thursday morning. USDA will update its latest U.S. corn and soybean production forecasts. Soybean bulls still have the overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the contract high of $14.09 3/4 a bushel, scored in September of last year. The next downside price breakout objective for the bears is pushing prices below solid technical support at $13.31 1/2, which is the bottom of an upside price gap on the daily bar chart. First support is seen at Monday’s low of $13.51 1/4 and then at last week’s low of $13.35. First resistance is seen at $13.70 and then at Monday’s high of $13.84. Wyckoff’s Market Rating: 7.0.
December soybean meal closed down $2.40 at $426.50 Monday. Prices closed nearer the session low. The meal 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 the contract high of $445.80. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $400.00. First resistance comes in at $430.00 and then at Monday’s high of $434.90. First support is seen at Monday’s low of $423.50 and then at $420.00. Wyckoff’s Market Rating: 7.0
December bean oil closed down 55 points at 43.17 cents Monday. Prices closed nearer the session low Monday and hit a fresh two-week low. The bears have the overall near-term technical advantage and gained fresh downside momentum Monday. A fledgling uptrend on the daily bar chart has been negated. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the August high of 45.32 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 42.67 cents. First resistance is seen at 43.50 cents and then at 44.00 cents. First support is seen at Monday’s low of 43.11 cents and then at 43.00 cents. Wyckoff’s Market Rating: 2.0
December Chicago SRW wheat closed down 6 1/2 cents at $6.41 1/4 Monday. Prices closed nearer the session low. The wheat market bears have the solid overall near-term technical advantage as prices are near the contract low. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at this week’s high of $6.64 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the contract low of $6.35 1/2. First resistance is seen at Monday’s high of $6.51 1/2 and then at $6.60. First support lies at $6.35 1/2 and then at $6.30. Wyckoff’s Market Rating: 1.0.
December HRW wheat closed down 7 cents at $6.88 1/2 Monday. Prices closed near the session low and closed at a fresh contract low close. The HRW wheat market bears have the strong overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of $7.11 1/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.75. First resistance is seen at Monday’s high of $7.00 and then at $7.11 1/4. First support is seen at the contract low of $6.88 1/4 and then at $6.80. Wyckoff’s Market Rating: 1.0
December oats closed down 5 3/4 cents at $3.13 3/4 Monday. Prices closed nearer the session low and hit a fresh contract low. Bears have downside momentum and have the solid near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.00. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.33. First support lies at Monday’s contract low of $3.20 1/4 and then at $3.17. First resistance is seen at $3.20 and then at $3.25. Wyckoff’s Market Rating: 1.0
