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Jim Wyckoff's Thursday Closing Grains: Soybeans Close Lower

Jim Wyckoff's Thursday Closing Grains: Soybeans Close Lower

13 June 2013
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed down 1 cent at $5.36 1/2 Thursday. Prices closed nearer the session high and hit a fresh three-week low.

A bearish monthly USDA supply and demand report Wednesday and weak USDA weekly export sales data are bearish fundamentals for corn late this week. It’s very likely going to take a fresh weather market in the U.S. Corn Belt to jump-start a significant rally in the corn market. Bears have the overall near-term technical advantage.

Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $5.60. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $5.25. First resistance for December corn is seen at $5.40 and then at $5.45. First support is seen at Thursday’s low of $5.29 and then at $5.25. Wyckoff's Market Rating: 3.5

November soybeans closed down 13 3/4 cents at $13.00 1/2 a bushel Thursday. Prices closed near mid-range and were pulled lower on more profit taking. The soybean market bulls still have the overall near-term technical advantage, but are fading a bit and need to show fresh power soon. Prices are still in a six-week-old uptrend on the daily bar chart, but now just barely. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at last week’s high of $13.33 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $12.85 1/4. First resistance is seen at $13.10 and then at Thursday’s high of $13.19. First support is seen at $12.90 and then at $12.85 1/4. Wyckoff's Market Rating: 6.0.

December soybean meal closed down $3.40 at $386.50 Thursday. Prices closed near mid-range and saw more profit taking. The meal bulls still have the near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart, but now just barely. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $400.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $378.90. First resistance comes in at $390.00 and then at today’s high of $393.00. First support is seen at $385.00 and then at Thursday’s low of $380.90. Wyckoff's Market Rating: 6.5

December bean oil closed down 26 points at 47.16 cents Thursday. Prices closed near mid-range and hit a fresh contract 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 48.25 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 46.00 cents. First resistance is seen at 47.50 cents and then at 47.63 cents. First support is seen at Wednesday’s contract low of 46.85 cents and then at 46.50 cents. Wyckoff's Market Rating: 1.0

December Chicago SRW wheat closed up 1 1/2 cents at $7.06 3/4 Thursday. Prices closed nearer the session high on tepid short covering in a bear market after hitting a fresh 10-week low early on. The wheat market bears have the solid overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.25 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at Thursday’s low of $6.96 3/4. First resistance is seen at $7.11 and then at $7.18 1/2. First support lies at $7.00 and then at $6.96 3/4. Wyckoff's Market Rating: 2.0.

December HRW wheat closed up 2 cents at $7.40 3/4 Thursday. Prices closed nearer the session high on tepid short covering in a bear market after hitting another fresh 12-month low early on today. The HRW wheat market 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 this week’s high of $7.59 1/4. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at $7.50 and then at $7.56 1/2. First support is seen at Thursday’s low of $7.31 1/2 and then at $7.25. Wyckoff's Market Rating: 1.5

December oats closed up 2 cents at $3.84 1/2 Thursday. Prices closed nearer the session high and closed at a fresh 7.5-month high close. Oats bulls have the solid near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.74. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the October 2012 high of $3.92 3/4. First support lies at $3.80 and then at Thursday’s low of $3.78 3/4. First resistance is seen at Wednesday’s high of $3.86 and then at this week’s high of $3.88. Wyckoff's Market Rating: 7.5

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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