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Wyckoff's Closing Grains: Corn Closed Lower

08 April 2014
Jim Wyckoff Commentary -  TheCropSite

US - May corn futures closed down 2 1/2 cents at $4.99 1/4 Monday.

Prices closed nearer the session high today and saw some profit taking. Corn prices are in a three-month-old uptrend on the daily bar chart. Corn bulls have the solid overall near-term technical advantage.

Corn bulls' next upside price objective is to push and close prices above solid technical resistance at last week’s high of $5.12 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 $4.75 1/2.

First resistance for May corn is seen at today’s high of $5.02 1/2 and then at $5.07 1/2. First support is seen at today’s low of $4.94 1/2 and then at $4.90. Wyckoff's Market Rating: 7.0

May soybeans closed down 9 1/2 cents at $14.64 1/4 a bushel Monday. Prices closed nearer the session low on profit taking. The soybean bulls still have the solid overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart.

The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $15.00 a bushel.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $14.40. First resistance is seen at today’s high of $14.79 1/2 and then at $14.90. First support is seen at today’s low of $14.59 1/2 and then at $14.50. Wyckoff's Market Rating: 7.5.

May soybean meal closed down $4.80 at $474.30 Monsday. Prices closed nearer the session low today on profit taking from recent gains. The soybean meal bulls still have the solid overall near-term technical advantage.

Prices are in a three-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $490.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $465.20. First resistance comes in at $480.00 and then at today’s high of $481.40. First support is seen at $471.70 and then at $470.00. Wyckoff's Market Rating: 7.5

May bean oil closed down 14 points at 41.43 cents Monday. Prices closed near mid-range. The bean oil bulls and bears are now on a level overall near-term technical playing field. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 42.35 cents.

Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at the March low of 39.85 cents. First resistance is seen at today’s high of 41.80 cents and then at 42.00 cents. First support is seen at today’s low of 41.14 cents and then at 41.00 cents. Wyckoff's Market Rating: 5.0

May Chicago SRW wheat closed up 6 1/2 cents at $6.76 1/4 Monday. Prices closed nearer the session high today on a corrective bounce from recent selling pressure. The wheat bulls have the slight overall near-term technical advantage, but need to show more power soon. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.00 a bushel.

The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.50. First resistance is seen at $6.80 and then at $6.87. First support lies at today’s low of $6.65 1/2 and then at last week’s low of $6.58 3/4. Wyckoff's Market Rating: 5.5.

May HRW wheat closed up 5 3/4 cents at $7.39 1/2 Monday. Prices closed nearer the session high on a corrective bounce after hitting a three-week low on Friday. The wheat bulls have the slight overall technical advantage, but need to show more power soon.

Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of $7.68 1/2. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at today’s high of $7.43 3/4 and then at $7.50. First support is seen at today’s low of $7.30 1/4 and then at last week’s low of $7.24 1/4. Wyckoff's Market Rating: 5.5

May oats closed up 8 1/4 cents at $4.19 Monday. Prices closed near mid-range today and hit a two-week high on short covering. Bulls and bears are now back on a level near0term technical playing field. A four-week-old downtrend on the daily bar chart has been negated.

Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the March low of $3.86. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.35. First support lies at today’s low of $4.12 1/4 and then at $4.07 1/2. First resistance is seen at today’s high of $4.23 3/4 and then at $4.25. Wyckoff's Market Rating: 5.0

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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