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Wyckoff's Closing Grains: Corn Closed Lower

17 April 2014
Jim Wyckoff Commentary -  TheCropSite

US - May corn futures closed down 6 1/2 cents at $4.97 1/4 Wednesday.

Prices closed nearer the session low today on profit taking. Corn prices are still in a 13-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 April high of $5.19. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $4.90. First resistance for May corn is seen at $5.00 and then at today’s high of $5.05. First support is seen at today’s low of $4.95 1/4 and then at $4.90. Wyckoff's Market Rating: 6.0

May soybeans closed up 15 1/2 cents at $15.16 3/4 a bushel Wednesday. Prices closed nearer the session high and hit another fresh contract high. The soybean bulls have the solid overall near-term technical advantage. Prices are in an 11-week-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 $15.50 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $14.60. First resistance is seen at today’s contract high of $15.22 3/4 and then at $15.30. First support is seen at $15.00 and then at $14.90 Wyckoff's Market Rating: 8.5.

May soybean meal closed up $3.40 at $490.80 Wednesday. Prices closed near mid-range and hit a fresh contract high. The soybean meal bulls 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 $500.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $472.00. First resistance comes in at the contract high of $494.60 and then at $500.00. First support is seen at today’s low of $486.70 and then at $482.50. Wyckoff's Market Rating: 8.5

May bean oil closed up 90 points at 43.73 cents Wednesday. Prices closed near the session high and hit another five-week high today. The bean oil bulls have the near-term technical advantage and gained more upside momentum today. A steep nearly three-week-old uptrend is in place on the daily bar chart. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the March high of 45.05 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at this week’s low of 42.04 cents. First resistance is seen at today’s high of 43.74 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: 7.0

May Chicago SRW wheat closed down 14 cents at $6.87 3/4 Wednesday. Prices closed nearer the session low today and saw profit taking after hitting a three-week high early on. The wheat bulls still have the slight overall near-term technical advantage amid choppy trading. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the March high of $7.23 1/2 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week’s low of $6.56 1/4. First resistance is seen at $7.00 and then at today’s high of $7.11. First support lies at today’s low of $6.84 and then at $6.73 3/4. Wyckoff's Market Rating: 5.5.

May HRW wheat closed down 11 cents at $7.54 1/2 Wednesday. Prices closed nearer the session low on profit taking after hitting a three-week high early on today. The wheat bulls have the slight near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the March high of $7.99. The bears' next downside breakout objective is pushing and closing prices below solid technical support at last week’s low of $7.17. First resistance is seen at $7.66 1/2 and then at today’s high of $7.74 1/2. First support is seen at today’s low of $7.49 1/2 and then at $7.40. Wyckoff's Market Rating: 5.5

May oats closed up 6 1/4 cents at $4.05 1/4 Wednesday. Prices closed near the session high. Bulls and bears are presently on a level near-term technical playing field. 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 $4.25. First support lies at $4.00 and then at this week’s low of $3.95. First resistance is seen at this week’s high of $4.09 and then at $4.15. 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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