GRAINS: December corn futures closed up 3 1/4 cents at $3.52 1/4 today. Prices closed near mid-range. The corn market was supported by solid gains in soybeans and wheat today, but ideas of a huge U.S. corn crop as harvest gets under way will limit the upside in corn. Same story: Recent price action still suggests corn prices will remain in a choppy trading range between the August high of $3.72 and the July low of $3.24 1/2 for at least the near term. Corn bulls' next upside price objective is to push and close prices above solid resistance at last week's high of $3.58 3/4. The next downside price objective for the bears is to close prices below solid support at $3.45. First resistance for December corn is seen at today's high of $3.54 1/4 and then at $3.58 3/4. First support is seen at today's low of $3.49 1/4 and then at $3.45. Wyckoff's Market Rating: 5.5.
November soybeans closed up 13 3/4 cents at $9.68 1/2 today. Prices gapped higher on the daily bar chart and hit a fresh contract high, and then closed near mid-range. A surprising hard frost/freeze occurred in the northern Corn Belt during the weekend, which very likely did nip soybean yield potential in the region. Bulls keep getting a steady dose of bullish fundamental news to keep them going. Prices are still in a steep uptrend from the August low, with no strong signs of a market top being in place. The next upside price objective for the bulls is to push and close prices above major psychological resistance at $10.00 a bushel. The next downside price objective for the bears is closing prices below support at $9.49 1/2. First resistance for November soybeans is seen at today's contract high of $9.74 1/2 and then at $9.85. First support is seen at $9.60 and then at $9.49 1/2. Wyckoff's Market Rating: 9.0
December soybean meal closed up $4.30 at $269.70 today. Prices gapped higher on the daily bar chart, hit a fresh contract high and then backed off to close near the session low. Bulls still have solid upside technical momentum amid no early clues of a market top being close at hand. The next upside price objective for the meal bulls is to close prices above solid resistance at today's contract high of $272.70. The next downside price objective for the bears is closing prices below solid support at $260.00. First resistance comes in at today's contract high of $272.70 and then at $275.00. First support is seen at $267.50 and then at $266.00. Wyckoff's Market Rating: 8.5.
December bean oil closed up 19 points at 40.21 cents today. Prices hit a fresh contract high and closed near mid-range today. Bulls still have upside technical momentum. The next upside price objective for the bulls is pushing prices above solid technical resistance at 41.00 cents. Bears' next downside price objective is pushing and closing prices below solid support at 39.20 cents. First resistance is seen at today's contract high of 40.38 cents and then at 40.50 cents. First support is seen at today's low of 40.00 cents and then at 39.50 cents. Wyckoff's Market Rating: 9.0.
December Chicago SRW wheat closed up 29 cents at $8.75 today. Prices closed near the session high on fresh buying interest due to ongoing crop woes worldwide, including Australia and now France. Bulls did regain some near-term upside technical momentum today. Bulls' next upside price objective is to push and close prices above the contract high of $9.07 a bushel. The next downside price objective for the bears is closing prices below psychological support at $8.00 a bushel. First resistance is seen at today's high of $8.76 and then at $8.91. First support lies at today's low of $8.54 1/2 and then at $8.48. Wyckoff's Market Rating: 8.5.
December K.C. HRW wheat closed up 29 cents at $8.58 today. Prices closed near the session high today. Bulls regained upside technical momentum today. Bulls' next upside price objective is closing prices above solid resistance at the contract high of $8.80 a bushel. The bears' next downside objective is closing prices below psychological support at $8.00 a bushel. First resistance is seen attoday's high of $8.59 and then at $8.80. First support is seen at today's low of $8.37 and then at $8.25. Wyckoff's Market Rating: 8.5.
December oats closed up 1 3/4 cents at $2.82 1/2 today. Prices closed nearer the session low after hitting a fresh three-month high early on today. The bulls have gained solid upside technical momentum recently, including more today. The next upside price objective for the bulls is closing prices above solid technical resistance at today's high of $2.87. Bears' next downside price objective is closing prices below solid technical support at $2.75. First resistance lies at $2.85 and then at $2.87. First support is seen at today's low of $2.80 and then at $2.77. Wyckoff's Market Rating: 7.5.
Jim Wyckoff became a financial journalist with
Futures World News for many years, cutting his teeth
as a reporter on the futures trading floors in
Chicago and New York, where he covered every futures
market traded in the United States at one time or
another.
Click here for full
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