July soybean prices Friday gapped higher on the daily bar chart, hit a fresh three-week high, closed nearer the session high and closed at a bullish weekly high close. Bulls gained fresh upside technical momentum on Friday as prices pushed above key moving averages. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the April high of $14.15 a bushel. The next downside price objective for the bears is pushing prices below solid technical support at $13.20, which would fill on the downside Friday's upside price gap. First support for July soybeans is seen at $13.50 and then at Friday's low of $13.30. First resistance is seen at Friday's high of 13.65 and then at $13.72.
15.96 -------- the contract high
13.02 -------- 10-day moving average
13.35 3/4 --- 20-day moving average
13.16 3/4 --- 40-day moving average
6.26 -------- the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed higher and nearer the session low. Prices did close at a bullish weekly high close Friday. The next upside price objective for the bulls is to produce a close above solid technical resistance at this Friday's high of $346.00. The next downside price objective for the bears is pushing and closing prices below solid support at last week's low of $326.50. First resistance comes in at $340.00 and then at $342.00. First support is seen at $335.00 and then at Friday's low of $333.80.
$394.00 --- the contract high
$334.50 --- 10-day moving average
$342.60 --- 20-day moving average
$340.70 --- 40-day moving average
$204.00 --- the contract low
July bean oil prices Friday gapped higher on the daily bar chart, hit a fresh three-week high, closed near the session high and closed at a bullish weekly high close. Bulls gained solid upside technical momentum Friday as a three-week-old downtrend on the daily bar chart was soundly penetrated on the upside and negated. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the April high of 63.75 cents. Bears' next downside technical price objective is pushing prices below solid support at 59.63 cents, which would fill on the downside Friday's upside price gap on the daily chart. First resistance is seen at 62.35 cents and then at 62.50 cents. First support is seen at 61.50 cents and then a Friday's low of 60.95 cents.
71.32 --- the contract high
58.42 --- 10-day moving average
59.96 --- 20-day moving average
58.68 --- 40-day moving average
31.90 --- the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed slightly lower and near mid-range but did set a fresh contract and all-time high. Price action late last week did produce a bullish upside "breakout" from a sideways trading range at higher price levels on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at Friday's contract high of $6.37 1/2. The next downside price objective for the bears is to push and close prices below solid support at $6.15. First resistance for July corn is seen at $6.34 and then at Friday's high of $6.37 1/2. First support is seen at Friday's low of $6.23 1/4 and then at $6.20.
6.34 -------- the contract high
6.13 1/2 --- 10-day moving average
6.09 1/2 --- 20-day moving average
5.94 1/2 --- 40-day moving average
2.65 -------- the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed lower, nearer the session low and closed at a bearish weekly low close. Prices are still in a seven-week-old downtrend on the daily bar chart. Bears still have the near-term technical advantage. Bulls' next upside price objective is to push and close July futures prices above solid technical resistance at last week's high of $8.44 a bushel. The next downside price objective for the bears is pushing and closing prices below strong technical support at the May low of
$7.77 a bushel. First resistance is seen at Friday's high of
$8.28 and then at $8.44. First support lies at Friday's low of
$9.91 and then at $7.77.
12.72 3/4 --- the contract high
8.10 3/4 --- 10-day moving average
8.43 3/4 --- 20-day moving average
9.21 3/4 --- 40-day moving average
3.72 -------- the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed lower, nearer the session low and closed at a bearish weekly low close. Bears still have the overall near-term technical advantage and gained more momentum Friday. A seven-week-old downtrend is still in place on the daily bar chart. The bulls' next upside price objective is pushing and closing prices above solid technical resistance at last week's high of $8.86 a bushel. The bears' next downside objective is pushing and closing prices below technical support at the May low of $8.27. First resistance is seen at $8.50 and then at Friday's high of $8.73. First support is seen at Friday's low of $8.35 and then at $8.27.
13.00 -------- the contract high
8.55 1/2 --- 10-day moving average
8.87 3/4 --- 20-day moving average
9.66 3/4 --- 40-day moving average
4.36 -------- the contract low
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 including commodity futures trading in Softs and Metals. Click here for full
bio >>
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