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Wyckoff's Thursday Closing Grains: July Corn Closes Higher

Wyckoff's Thursday Closing Grains: July Corn Closes Higher

02 May 2013
Jim Wyckoff Commentary -  TheCropSite

ANALYSIS - July corn futures closed up 14 cents at $6.60 3/4 Thursday. The better investor risk appetite in the market place supported the corn market, as did sharply higher crude oil prices Thursday, writes Jim Wyckoff for TheCropSite.

A wet and cold weather outlook for late this week and into next week was also bullish for corn. There are likely to be significant corn-planting delays in the U.S. Corn Belt. The corn market bulls and bears are on a level near-term technical playing field.

Corn bulls' next upside price objective is to push and close prices above solid technical resistance at this week’s high of $6.69. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $6.25. First resistance for July corn is seen at Thursday’s high of $6.62 1/2 and then at $6.69. First support is seen at $6.57 1/4 and then at $6.50. Wyckoff's Market Rating: 5.0

July soybeans closed up 1 cent at $13.74 a bushel Thursday. Prices closed near mid-range. The better investor risk appetite in the market place did support the soybean market Thursday. However, the likely corn planting delays in the U.S. Corn Belt will likely mean more soybean acres planted, which limited the upside in soybeans Thursday. The soybean market bears have the near-term technical advantage.

The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $14.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $13.50. First resistance is seen at Thursday’s high of $13.83 1/4 and then at $13.95. First support is seen at this week’s low of $13.65 1/2 and then at $13.55. Wyckoff's Market Rating: 4.0.

July soybean meal closed up $2.60 at $407.00 Thursday. Prices closed near mid-range on short covering. The meal bulls and bears are back on a level near-term technical playing field. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at this week’s high of $422.70. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $390.20. First resistance comes in at Thursday’s high of $408.90 and then at $410.00. First support is seen at this week’s low of $403.50 and then at $400.00. Wyckoff's Market Rating: 5.0

July bean oil closed down 36 points at 48.49 cents Thursday. Prices closed nearer the session low. The 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 this week’s high of 49.89 cents.

Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 48.08 cents. First resistance is seen at 49.00 cents and then at 49.25 cents. First support is seen at this week’s low of 48.30 cents and then at 48.08 cents. Wyckoff's Market Rating: 1.0

July Chicago SRW wheat closed up 7 1/2 cents at $7.28 1/2 Thursday. Prices closed nearer the session high. The better investor risk appetite in the market place did support the wheat market Thursday, as did sharply higher crude oil prices. There is a bullish head-and-shoulders bottom reversal pattern that has formed on the daily bar chart. The wheat market bulls and bears are on a level near-term technical playing field.

Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the March high of $7.40 1/2 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at this week’s low of $6.93. First resistance is seen at this week’s high of $7.36 3/4 and then at $7.40 1/2. First support lies at Thursday’s low of $7.16 3/4 and then at $7.10. Wyckoff's Market Rating: 5.0.

July HRW wheat closed up 8 1/2 cents at $7.90 3/4 Thursday. Prices closed near the session high and closed at a fresh nine-week high close. There is a bullish head-and-shoulders bottom reversal pattern that has formed on the daily bar chart. The wheat market bulls and bears are on a level near-term technical playing field.

Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $8.00. The bears' next downside breakout objective is pushing and closing prices below solid technical support at this week’s low of $7.53. First resistance is seen at $7.93 and then at $8.00. First support is seen at Thursday’s low of $7.80 and then at $7.75. Wyckoff's Market Rating: 5.0

July oats closed down up 6 cents at $3.86 1/4 Thursday. Prices closed near mid-range. Oats bulls have the overall near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.75.

Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at this week’s high of $4.00. First support lies at $3.85 and then at Thursday’s low of $3.80 1/4. First resistance is seen at $3.90 and then at $3.95. Wyckoff's Market Rating: 6.0

Click here for "Today’s Hot Market" item on my website.

Questions? Just email me at jim@jimwyckoff.com. I enjoy hearing from my readers worldwide.

~Jim

 

TheCropSite News Desk

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.



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