GRAINS: December corn futures closed down 7 1/4 cents at $4.42 Tuesday. Prices closed nearer the session low. The corn market was pressured by rapid harvest progress taking place in the U.S. Corn Belt, including better-than-expected yield reports coming from Iowa and Illinois. A lack of information coming from USDA is an uncertainty in the grain markets, and uncertainty favors the bears. The corn market bulls are hoping for a “harvest low” being in place in the corn futures market, or close to it. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of $4.62. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $4.25. First resistance for December corn is seen at $4.45 and then at $4.50. First support is seen at Tuesday’s low of $4.39 3/4 and then at the recent three-year low of $4.35. Wyckoff’s Market Rating: 1.0
November soybeans closed down 7 3/4 cents at $12.88 3/4 a bushel Tuesday. Prices closed nearer the session low on good harvest progress in the U.S. Corn Belt and better-than-expected yield reports coming out of Iowa and Illinois. Soybean bears still 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 $13.20 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $12.63 1/2. First support is seen at Tuesday’s low of $12.83 3/4 and then at $12.70. First resistance is seen at $13.00 and then at Tuesday’s high of $13.05 3/4. Wyckoff’s Market Rating: 4.0.
December soybean meal closed down $6.00 at $414.70 Tuesday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. The meal bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is to produce a close above solid technical resistance at $430.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $397.80. First resistance comes in at $420.00 and then at Tuesday’s high of $423.30. First support is seen at Tuesday’s low of $412.60 and then at $410.00. Wyckoff’s Market Rating: 5.0
December bean oil closed up 54 points at 40.44 cents Monday. Prices closed nearer the session high Tuesday on short covering in a bear market. The bears still have the solid 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 42.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 39.00 cents. First resistance is seen at Tuesday’s high of 40.68 cents and then at 41.00 cents. First support is seen at 40.00 cents and then at this week’s low of 39.82 cents. Wyckoff’s Market Rating: 2.0
December Chicago SRW wheat closed down 1 3/4 cents at $6.93 Tuesday. Prices closed near mid-range and saw mild profit taking after hitting another fresh three-month high early on. Good worldwide demand for U.S. wheat continues to underpin this market. There are also reports of wheat crop problems in Russia. The wheat market could pull corn out of its doldrums soon, too. The wheat market bulls have the near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week’s low of $6.72 1/2. First resistance is seen at $7.00 and then at the July high of $7.05 3/4. First support lies at this week’s low of $6.86 1/4 and then at $6.78. Wyckoff’s Market Rating: 6.0.
December HRW wheat closed up 3 1/2 cents at $7.60 Tuesday. Prices closed nearer the session high and closed at another fresh 3.5-month high close. The HRW wheat market bulls have the overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.75. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.25. First resistance is seen at last week’s high of $7.64 3/4 and then at $7.70. First support is seen at $7.50 and then at $7.42 3/4. Wyckoff’s Market Rating: 6.0
December oats closed down 3/4 cent at $3.16 3/4 Tuesday. Prices closed near mid-range. Bears have the overall near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at the contract low of $3.03. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.25 3/4. First support lies at this week’s low of $3.14 and then at last week’s low of $3.10 1/4. First resistance is seen at $3.19 and then at $3.20. Wyckoff’s Market Rating: 2.5
