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Wyckoff's Closing Grains: Corn Closes Lower

10 December 2013
Jim Wyckoff Commentary -  TheCropSite

US - March corn futures closed down 1 1/2 cents at $4.36 1/2 Tuesday. Prices closed near mid-range and hit a fresh three-week high early on. Corn bulls could get no traction from a mildly bullish USDA report today.

Corn bears are in solid overall near-term technical control. Prices are in a 3.5-month-old downtrend on the daily bar chart.

Corn bulls' next upside price objective is to push and close prices above solid technical resistance
at $4.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the recent contract low of $4.18 1/2.

First resistance for March corn is seen at today's high of $4.40 3/4 and then at $4.45. First support is seen at $4.33 and then at today's low of $4.30 3/4. Wyckoff's Market Rating: 2.0

January soybeans closed down 4 3/4 cents at $13.39 a bushel Tuesday. Profit taking was featured after prices hit a fresh 2.5-month high early on. Prices are in a choppy five-week-old uptrend on the daily bar chart.

Soybean bulls 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 $13.75 a bushel.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week's low of $13.11 1/4. First resistance is seen at today's high of $13.53 1/2 and then at $13.60. First support is seen at today's low of $13.30 1/2 and then at this week's low of $13.24 1/2. Wyckoff's Market Rating: 6.0.

March soybean meal closed down $2.20 at $426.30 Tuesday. Prices closed nearer the session low on profit taking after hitting a fresh three-month high early on today.

Bulls still have the near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at the September high of $434.10.

The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $413.30.

First resistance comes in at $428.30 and then at today's high of $431.70. First support is
seen at today's low of $423.20 and then at $420.00. Wyckoff's Market Rating: 6.0

March bean oil closed down 12 points at 40.49 cents Tuesday. Prices closed nearer the session high low and hit a fresh nine-week 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 41.50 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at the October low of 39.88 cents.

First resistance is seen at today's high of 40.94 cents and then at this week's high of 41.10 cents. First support is seen at today's low of 40.21 cents and then at 40.00 cents. Wyckoff's Market Rating: 1.5

March Chicago SRW wheat closed down 11 3/4 cents at $6.38 3/4 Tuesday. Prices closed nearer the session low today and hit a fresh contract low. Selling pressured was tied to a bearish USDA monthly supply and demand report for wheat.

The bears have the strong near-term technical advantage. Wheat bulls' next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at this week's high of $6.57 1/4 a bushel.

The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.25. First resistance is seen at $6.47 3/4 and then at today's high of $6.52 1/2.

First support lies at today's contract low of $6.35 and then at $6.30. Wyckoff's Market Rating: 1.0.

March HRW wheat closed down 11 3/4 cents at $6.84 1/4 Tuesday. Prices closed nearer the session low and hit a fresh contract low. 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 $7.00. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $6.75.

First resistance is seen at $6.90 and then at today's high of $6.97. First support is seen at today's contract low of $6.79 1/4 and then at $6.75. Wyckoff's Market Rating: 1.0

March oats closed up 3 3/4 cents at $3.36 Tuesday. Prices closed near mid-range and hit a fresh 3.5-month high. Bulls have the near-term technical advantage.

Prices are in a nine-week-old uptrend on the daily bar chart. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at last week's low of $3.24.

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 $3.32 1/4 then at $3.30. First resistance is seen at $3.38 and then at today's high of $3.40. Wyckoff's Market Rating: 6.5

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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