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Wyckoff's Closing Grains: Corn, Beans Lower on Thursday

Wyckoff's Closing Grains: Corn, Beans Lower on Thursday

18 April 2014
Jim Wyckoff Commentary -  TheCropSite

ANALYSIS - May corn futures closed down 4 cents at $4.93 1/2 Thursday. Prices closed near the session low today, closing at a two-week low close and at a bearish weekly low close.

Corn prices are still in a 13-week-old uptrend on the daily bar chart but the bulls need to show fresh power soon to keep it. Corn bulls still have the overall near-term technical advantage. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at this week’s high of $5.13. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $4.85. First resistance for May corn is seen at $5.00 and then at $5.05. First support is seen at today’s low of $4.93 1/4 and then at $4.90. Wyckoff's Market Rating: 6.0

May soybeans closed down 8 cents at $15.10 3/4 a bushel Thursday. Prices closed nearer the session low on profit taking after hitting another fresh contract high early on. The soybean bulls still 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 $15.22 3/4 and then at today’s contract high of $15.31 3/4. First support is seen at $15.00 and then at $14.90 Wyckoff's Market Rating: 8.0.

May soybean meal closed down $2.80 at $488.20 Thursday. Prices closed nearer the session low on profit taking after hitting another contract high early on. Strong follow-through selling pressure on Monday would confirm a bearish “key reversal” down on the daily bar chart, which would then be an early clue that a market top is in place. But right now 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 $490.90 and then at today’s contract high of $495.90. First support is seen at today’s low of $484.60 and then at $482.50. Wyckoff's Market Rating: 8.0

May bean oil closed down 30 points at 43.41 cents Thursday. Prices closed near mid-range and saw profit taking from recent solid gains. The bean oil bulls still have the near-term technical advantage. A steep 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 this week’s high of 43.74 cents and then at 44.00 cents. First support is seen at today’s low of 43.20 cents and then at 43.00 cents. Wyckoff's Market Rating: 6.5

May Chicago SRW wheat closed up 2 3/4 cents at $6.90 3/4 Thursday. Prices closed nearer the session low today. The wheat bulls 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 this week’s high of $7.11. First support lies at $6.84 and then at $6.73 3/4. Wyckoff's Market Rating: 5.5.

May HRW wheat closed up 3 1/4 cents at $7.57 3/4 Thursday. Prices closed nearer the session low. 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 this week’s high of $7.74 1/2. First support is seen at $7.50 and then at $7.40. Wyckoff's Market Rating: 5.5

May oats closed down 1 1/4 cents at $4.03 3/4 Thursday. Prices closed nearer the session low. 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 $4.05 and then at $4.09. 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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