Grain Market Analysis from Jim Wyckoff
GRAINS: December corn futures closed up 2 3/4
cents at $6.50 3/4 today. Prices closed nearer the
session low today. Tepid short covering was seen
today, following recent selling pressure. Near-term
technical damage has been inflicted in corn
recently as a steep four-week-old downtrend is
still in place on the daily chart. Looming U.S.
harvest pressure is also weighing on the corn
market at present. Corn bulls' next upside price
breakout objective is to push and close prices
above solid technical resistance at $6.85. The next
downside price breakout objective for the bears is
pushing and closing prices below solid technical
support at $6.20. First resistance for December
corn is seen at $6.55 and then at $6.60. First
support is seen at today's low of $6.46 and then at
last week's low of $6.38. Wyckoff's Market Rating:
5.0
November soybeans closed up 2 1/4 cents at $12.62 a
bushel today. Prices closed nearer the session low
today and saw tepid short covering. U.S. harvest
pressure is also helping to pressure the soybean
market at present. Serious near-term chart damage
has occurred recently. Prices are still in a steep
four-week-old downtrend on the daily bar chart. The
next near-term upside technical breakout objective
for the soybean bulls is pushing and closing
November prices above major psychological
resistance at $13.00 a bushel. The next downside
price breakout objective for the bears is pushing
and closing prices below psychological support at
$12.00. First resistance is seen at today's high of
$12.78 3/4 and then at $12.90. First support is
seen at today's low of $12.59 and then at $12.50.
Wyckoff's Market Rating: 3.0.
December soybean meal closed up $0.70 at $330.90
today. Prices closed near the session low today and
saw tepid short covering in a bear market. Serious
near-term technical damage has been inflicted
recently. Bears have the near-term technical
advantage. Prices are in a steep four-week-old
downtrend on the daily bar chart. The next upside
price breakout objective for the bulls is to
produce a close above technical resistance at
$341.30. The next downside price breakout objective
for the bears is pushing and closing prices below
solid technical support at $320.00. First
resistance comes in at $333.50 and then at today's
high of $336.50. First support is seen at $330.00
and then at $327.50. Wyckoff's Market Rating: 3.0.
December bean oil closed up 45 points at 52.85
cents today. Prices closed near mid-range today and
saw short covering in a bear market. 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 55.00
cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing
prices below solid technical support at this week's
low of 51.00 cents. First resistance is seen at
today's high of 53.28 cents and then at 53.50
cents. First support is seen at today's low of
52.44 cents and then at 51.91 cents. Wyckoff's
Market Rating: 3.0
December Chicago SRW wheat closed up 10 3/4 cents
at $6.59 today. Prices closed near mid-range today
and saw more short covering in a bear market.
Serious chart damage has been inflicted in wheat
recently. Wheat bears still have the solid near-
term technical advantage. Prices are still in a
four-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is to
push and close Chicago SRW prices above solid
technical resistance at $6.80 a bushel. The next
downside price breakout objective for the wheat
futures bears is pushing and closing prices below
major psychological support at $6.00. First
resistance is seen at today's high of $6.70 and
then at $6.75. First support lies at today's low of
$6.50 1/4 and then at $6.40. Wyckoff's Market
Rating: 3.0.
December K.C. HRW wheat closed up 9 cents at $7.53
today. Prices closed near mid-range today and saw
more short covering in a bear market. Serious near-
term chart damage has been inflicted recently.
Bears still have the overall near-term technical
advantage. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $7.80. The bears' next
downside breakout objective is pushing and closing
prices below solid technical support at last week's
low of $7.21. First resistance is seen at today's
high of $7.60 and then at $7.70. First support is
seen at today's low of $7.45 and then at this
week's low of $7.32. Wyckoff's Market Rating: 3.0.
December oats closed up 3 3/4 cents at $3.33 3/4
today. Prices closed near mid-range again today and
saw short covering in a bear market. Bears still
have the solid near-term technical advantage.
Prices are still in a four-week-old downtrend on
the daily bar chart. Bears' next downside price
breakout objective is pushing and closing prices
below solid chart support at $3.20. Bulls' next
upside price breakout objective is pushing and
closing prices above solid technical resistance at
$3.50. First support lies at today's low of $3.31
and then at last week's low of $3.29 1/4. First
resistance is seen at today's high of $3.38 and
then at $3.40. Wyckoff's Market Rating: 3.0.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
