Grain Market Analysis from Jim Wyckoff
GRAINS: December corn futures closed down 7 1/2
cents at $5.85 1/4 today. Prices closed near mid-
range and closed at a fresh 6.5-month low close
today. The key "outside markets" were again bearish
for the corn market today as crude oil and the U.S.
stock indexes were lower, while the U.S. dollar
index traded firmer. Serious near-term technical
damage has been inflicted in corn recently. A steep
five-week-old downtrend is in place on the daily
chart. However, my bias is that a seasonal "harvest
low" is close at hand for the corn market. Corn
bulls' next upside price breakout objective is to
push and close prices above solid technical
resistance at $6.15. The next downside price
breakout objective for the bears is pushing and
closing prices below solid technical support at
this week's low of $5.72 1/4. First resistance for
December corn is seen at today's high of $5.93 3/4
and then at $6.00. First support is seen at today's
low of $5.77 and then at $5.72 1/4. Wyckoff's
Market Rating: 2.5
November soybeans closed down 20 1/4 cents at
$11.57 1/4 a bushel today. Prices closed nearer the
session low today and hit another fresh 10-month
low. The key "outside markets" were again bearish
for the soybean market today as crude oil and the
U.S. stock indexes were lower, while the U.S.
dollar index traded firmer. Serious near-term chart
damage has occurred in soybeans recently. Prices
are in a steep five-week-old downtrend on the daily
bar chart. My bias is that a seasonal harvest low
is also close at hand for soybeans. The next near-
term upside technical breakout objective for the
soybean bulls is pushing and closing November
prices above psychological resistance at $12.00 a
bushel. The next downside price breakout objective
for the bears is pushing and closing prices below
psychological support at $11.00. First resistance
is seen at today's high of $11.79 and then at this
week's high of $11.89 3/4. First support is seen at
today's low of $11.52 and then at $11.40. Wyckoff's
Market Rating: 2.0.
December soybean meal closed down $4.50 at $302.50
today. Prices closed near the session low today and
hit another fresh 10-month low. Serious near-term
technical damage has been inflicted recently. Bears
have the solid near-term technical advantage.
Prices are in a steep five-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 $320.00. The next downside
price breakout objective for the bears is pushing
and closing prices below solid technical support at
$300.00. First resistance comes in at $305.00 and
then at today's high of $308.00. First support is
seen at today's low of $301.30 and then at $300.00.
Wyckoff's Market Rating: 2.0.
December bean oil closed down 74 points at 49.26
cents today. Prices closed nearer the session low
today and hit another fresh 10.5-month low. The key
"outside markets" were bearish for the bean oil
market again today as crude oil and the U.S. stock
indexes were lower, while the U.S. dollar index
traded firmer. Bean oil bears 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 51.00 cents. Bean oil
bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 47.50 cents. First resistance
is seen at 49.50 cents and then at 50.00 cents.
First support is seen at today's low of 48.91 cents
and then at 48.50. Wyckoff's Market Rating: 2.0
December Chicago SRW wheat closed down 16 cents at
$6.03 1/2 today. Prices closed nearer the session
low today and closed at a fresh 15-month low close.
The key "outside markets" were bearish for the
wheat market again today as crude oil and the U.S.
stock indexes were lower, while the U.S. dollar
index traded firmer. Serious chart damage has been
inflicted in wheat recently. Wheat bears have the
solid near-term technical advantage. Prices are in
a five-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 $6.50 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 this week's high of $6.23 and
then at $6.30. First support lies at $6.05 and then
at today's low of $5.96 3/4. Wyckoff's Market
Rating: 2.0.
December K.C. HRW wheat closed down 15 1/2 cents at
$6.86 1/2 today. Prices closed near mid-range today
and hit another fresh 14-month low. Serious near-
term chart damage has been inflicted recently.
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 $7.20. The bears' next
downside breakout objective is pushing and closing
prices below solid technical support at $6.50.
First resistance is seen at today's high of $6.95
1/2 and then at this week's high of $7.05 1/2.
First support is seen at today's low of $6.79 and
then at $6.70. Wyckoff's Market Rating: 2.0.
December oats closed down 5 cents at $3.23 today.
Prices closed nearer the session low today and hit
a fresh 13-month low. Bears have the solid near-
term technical advantage. Prices are in a five-
week-old downtrend on the daily bar chart. Bears'
next downside price breakout objective is pushing
and closing prices below solid chart support at
$3.10. 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 $3.20 1/4 and then at $3.15. First
resistance is seen at $3.25 and then at today's
high of $3.29 1/2. Wyckoff's Market Rating: 2.0.
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