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Wyckoff's Closing Grains: Corn Closes Lower

11 December 2013
Jim Wyckoff Commentary -  TheCropSite

US - March corn futures closed up 3 cents at $4.39 Wednesday. Prices closed nearer the session high and closed at a fresh three-week high close. Corn bears are in overall near-term technical control.

However, the bulls have gained just a bit of upside momentum the past week. Prices are in a 3.5-month-old downtrend on the daily bar chart, but now just barely. 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 this week's high of $4.40 3/4 and then at $4.45. First support is seen at today's low of $4.34 1/4 and then at this week's low of $4.30 3/4. Wyckoff's Market Rating: 2.5

January soybeans closed up 5 3/4 cents at $13.44 1/2 a bushel Wednesday. Prices Tuesday hit a 2.5-month high. 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 this week's high of $13.53 1/2 and then at $13.60. First support is seen at $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 up $1.80 at $428.40 Wednesday. Prices closed nearer the session high today. Bulls 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 $429.30 and then at this week's high of $431.70. First support is seen at $425.00 and then at this week's low of $423.20. Wyckoff's Market Rating: 6.0

March bean oil closed up 28 points at 40.78 cents Wednesday. Prices closed near mid-range on short covering in a bear market.

The bean oil bears still 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 40.52 cents and then at this week's low of 40.21 cents. Wyckoff's Market Rating: 2.0

March Chicago SRW wheat closed up 2 1/4 cents at $6.41 Wednesday. Prices closed nearer the session high on tepid short covering in a bear market after hitting a contract low on Tuesday. The bears still 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 Tuesday's high of $6.52 1/2. First support lies at Tuesday's contract low of $6.35 and then at $6.30. Wyckoff's Market Rating: 1.0.

March HRW wheat closed up 1 1/2 cents at $6.85 3/4 Wednesday. Prices closed nearer the session high on tepid short covering after hitting a contract low Tuesday.

The HRW wheat market bears still 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 Tuesday's high of $6.97. First support is seen at Tuesday's contract low of $6.79 1/4 and then at $6.75. Wyckoff's Market Rating: 1.0

March oats closed up 8 3/4 cents at $3.44 3/4 Wednesday. Prices closed nearer the session high and hit a fresh 3.5-month high. Bulls have the near-term technical advantage and gained more upside momentum today.

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 $3.40 then at $3.35. First resistance is seen at today's high of $3.47 1/2 and then at $3.50. Wyckoff's Market Rating: 7.0

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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