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Wyckoff's Closing Grains: Corn Closed Lower

21 March 2014
Jim Wyckoff Commentary -  TheCropSite

US - May corn futures closed down 9 cents at $4.79 Thursday.

Prices closed nearer the session low on profit taking. Corn prices are still in a nine-week-old uptrend on the daily bar chart. Corn bulls have the overall near-term technical advantage. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at the March high of $5.02 1/2. The next downside price breakout objective for the bears is pushing and closing prices below solid support at last week’s low of $4.73 1/4. First resistance for May corn is seen at today’s high of $4.87 1/2 and then at this week’s high of $4.91 3/4. First support is seen at this week’s low of $4.76 1/2 and then at $4.73 1/4. Wyckoff's Market Rating: 6.0

May soybeans closed up 1/4 cent at $14.31 1/2 a bushel Thursday. Prices closed nearer the session low on profit taking after hitting a two-week high early on. The soybean bulls have the solid overall near-term technical advantage but the buyers may have become exhausted today. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the March high of $14.60 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $14.00. First resistance is seen at $14.42 and then at $14.50. First support is seen at today’s low of $14.22 1/4 and then at $14.15. Wyckoff's Market Rating: 7.5.

May soybean meal closed up $4.50 at $466.70 Thursday. Prices closed near mid-range and hit a three-week high. Bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the contract high of $472.90. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $450.00. First resistance comes in at today’s high of $471.80 and then at $472.90. First support is seen at today’s low of $461.70 and then at today’s low of $459.20. Wyckoff's Market Rating: 8.0

May bean oil closed down 100 points at 41.10 cents Thursday. Prices closed nearer the session low and hit a fresh four-week low today. The bean oil bears have the overall near-term technical advantage and gained more downside momentum today. 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 42.70 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 40.00 cents. First resistance is seen at 41.25 cents and then at 41.50 cents. First support is seen at today’s low of 40.74 cents and then at 40.50 cents. Wyckoff's Market Rating: 3.5

May Chicago SRW wheat closed down 18 1/4 cents at $6.97 3/4 Thursday. Prices closed nearer the session low today on heavy profit taking after hitting a fresh nine-month high early on. The wheat bulls still have the overall near-term technical advantage. The turmoil in Ukraine and a poor start for the U.S. HRW crop are bullish fundamental inputs for the wheat market. Prices are still in a seven-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 $7.50 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 $6.71 3/4. First resistance is seen at $7.10 and then at today’s high of $7.23 1/2. First support lies at today’s low of $6.93 3/4 and then at $6.86 1/4. Wyckoff's Market Rating: 6.5.

May HRW wheat closed down 12 3/4 cents at $7.75 1/2 Thursday. Prices closed nearer the session low today on profit taking after hitting a fresh nearly 10-month high early on today. The wheat bulls still have the solid overall technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. 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 $7.41. First resistance is seen at $7.91 3/4 and then at $8.00. First support is seen at today’s low of $7.70 1/2 and then at $7.59. Wyckoff's Market Rating: 7.0

May oats closed down the 20-cent limit at $4.10 Thursday. Bulls have lost their near-term technical advantage as a three-week-old downtrend is in place on the daily bar chart. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $4.00. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.40. First support lies at today’s low of $4.10 and then at $4.05. First resistance is seen at $4.15 1/4 and then at $4.20. Wyckoff's Market Rating: 4.5

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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