GRAINS: May corn futures closed up 4 3/4 cents at $6.49 Wednesday. Prices closed near mid-range. Short covering was featured as traders digested Wednesday’s latest USDA monthly supply and demand report, which was deemed mildly bearish. Traders quickly moved on to cold, wet weather in the U.S. Corn Belt that could prompt planting delays. The corn market bears still have the near-term technical advantage. There are still no early, strong technical clues of a market bottom being close at hand. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at Wednesday’s high of $6.66 3/4. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $6.26 1/2. First resistance for May corn is seen at $6.53 3/4 and then at $6.60. First support is seen at $6.45 and then at $6.40. Wyckoff’s Market Rating: 3.5
May soybeans closed down 2 3/4 cents at $13.92 3/4 a bushel Wednesday. Prices closed nearer the session low and were pressured by a mildly bearish USDA monthly supply and demand report and a stronger U.S. dollar index. The soybean market bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $14.20 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $13.54 1/2. First resistance is seen at $14.00 and then at Wednesday’s high of $14.09 3/4. First support is seen at Wednesday’s low of $13.85 1/2 and then at $13.75. Wyckoff’s Market Rating: 3.5.
May soybean meal closed down $1.90 at $392.90 Wednesday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. The bears have the near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the April high of $406.30. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $387.80. First resistance comes in at $395.00 and then at $397.30. First support is seen at this week’s and last week’s low of $390.30 and then at $387.80. Wyckoff’s Market Rating: 3.0
May bean oil closed up 5 points at 50.03 cents Wednesday. Prices closed nearer the session high on tepid short covering. The bean oil bears still have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the April high of 51.03 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at last week’s low of 48.25 cents. First resistance is seen at Wednesday’s high of 50.23 cents and then at 50.50 cents. First support is seen at Wednesday’s low of 49.61 cents and then at 49.50 cents. Wyckoff’s Market Rating: 3.0
May Chicago SRW wheat closed down 12 cents at $6.96 3/4 Wednesday. Prices closed near mid-range and were pressured by a mildly bearish USDA report and a stronger U.S. dollar index Wednesday. The wheat bears have the overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at this week’s high of $7.16 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.81. First resistance is seen at $7.00 and then at $7.10. First support lies at yesterday’s low of $6.88 and then at $6.81. Wyckoff’s Market Rating: 2.0.
May HRW wheat closed down 16 1/2 cents at $7.30 Wednesday. Prices closed nearer the session low. HRW bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the March high of $7.78 3/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at $7.40 and then at this week’s high of $7.51. First support is seen at Wednesday’s low of $7.26 1/4 and then at $7.23. Wyckoff’s Market Rating: 1.5
May oats closed up 1 3/4 cents at $3.69 1/4 Wednesday. Prices closed near mid-range on more short covering. Oats bears still have the slight near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at last week’s low of $3.55. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.75. First support lies at Wednesday’s low of $3.66 1/4 and then at $3.63. First resistance is seen at Wednesday’s high of $3.72 1/4 and then at $3.75. Wyckoff’s Market Rating: 4.5
