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Wyckoff's Closing Grains: Corn Closes Higher

05 March 2014
Jim Wyckoff Commentary -  TheCropSite

US - May corn futures closed up 13 cents at $4.83 1/2 Tuesday.

Prices closed near the session high and hit a five-month high today. The Russian/Ukraine tensions are presently bullish for the grain markets. Corn prices are in a two-month-old uptrend on the daily bar chart. Corn bulls have gained the near-term technical advantage. Corn bulls' next upside price objective is to push and close prices above solid technical and psychological resistance at $5.00. The next downside price breakout objective for the bears is pushing and closing prices below solid support at this week’s low of $4.64. First resistance for May corn is seen at today’s high of $4.84 3/4 and then at $4.88. First support is seen at $4.80 and then at $4.75. Wyckoff's Market Rating: 6.0

May soybeans closed up 13 1/4 cents at $14.22 1/2 a bushel Tuesday. Prices closed nearer the session high and closed at a fresh contract high close today. The Ukraine/Russia news is bullish for grains. Demand for U.S. soybeans remains good, too. The soybean bulls have quickly regained upside technical momentum and have the solid overall 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 the recent contract high of $14.45 1/2 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $13.75. First resistance is seen at today’s high of $14.25 3/4 and then at this week’s high of $14.37 1/2. First support is seen at $14.10 and then at $14.00. Wyckoff's Market Rating: 8.0.

May soybean meal closed down $0.60 at $449.90 Tuesday. Prices closed nearer the session low on profit taking. Bulls still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s contract high of $472.90. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $430.00. First resistance comes in at today’s high of $455.20 and then at $457.50. First support is seen at today’s low of $448.80 and then at $444.80. Wyckoff's Market Rating: 7.5

May bean oil closed up 134 points at 43.72 cents Tuesday. Prices closed near the session high and hit a fresh 5.5-month high. A steep five-week-old uptrend is in place on the daily bar chart. The bean oil bulls have the overall near-term technical advantage and gained more power today. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 45.00 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 42.00 cents. First resistance is seen at today’s high of 43.79 cents and then at 44.00 cents. First support is seen at 43.50 cents and then at 43.00 cents. Wyckoff's Market Rating: 6.5

May Chicago SRW wheat closed up 12 cents at $6.43 1/2 Tuesday. Prices closed nearer the session high today and hit a three-month high. The Russian-Ukraine situation is bullish for wheat. The wheat bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the December high of $6.79 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 this week’s low of $6.11 1/4. First resistance is seen at today’s high of $6.45 3/4 and then at $6.50. First support lies at $6.30 and then at today’s low of $6.21. Wyckoff's Market Rating: 6.0.

May HRW wheat closed up 9 3/4 cents at $7.09 3/4 Tuesday. Prices closed nearer the session high and closed at a fresh three-month high close today. The wheat bulls have regained technical momentum and prices are in a five-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.25. The bears' next downside breakout objective is pushing and closing prices below solid technical support at this week’s low of $6.80 1/2. First resistance is seen at today’s high of $7.12 1/2 and then at this week’s high of $6.20 1/4. First support is seen at $7.00 and then at today’s low of $6.91 1/2. Wyckoff's Market Rating: 6.0

May oats closed up 11 cents at $4.93 1/2 Tuesday. Prices closed near mid-range and hit another contract high. The bulls have regained upside momentum and still have the solid overall near-term technical advantage. Prices are in a steep two-month-old uptrend on the daily bar chart. Would-be top pickers still do not want to stand in front of this steaming locomotive. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $4.50. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $5.15. First support lies at $4.90 and then at today’s low of $4.83. First resistance is seen at $5.00 and then at today’s contract high of $5.04 1/2. Wyckoff's Market Rating: 8.5

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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