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Wyckoff's Closing Grains: Corn Closed Lower

22 April 2014
Jim Wyckoff Commentary -  TheCropSite

US - July corn futures closed down 6 3/4 cents at $4.93 3/4 Monday.

Prices closed nearer the session low today and hit a three-week low. Profit taking was featured. Some good planting progress in the U.S. Corn Belt over the weekend also pressured corn today. Corn prices are still in a 14-week-old uptrend on the daily bar chart but now just barely. The bulls need to show fresh power soon to keep their advantage. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $5.06. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $4.80. First resistance for July corn is seen at $5.00 and then at $5.06. First support is seen at today’s low of $4.90 3/4 and then at $4.87. Wyckoff's Market Rating: 6.0

July soybeans closed down 13 3/4 cents at $14.88 1/2 a bushel Monday. Prices closed near mid-range on more profit taking after hitting a contract high last Thursday. The soybean 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 near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the contract high of $15.21 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 $15.00 and then at $15.10. First support is seen at $14.80 and then at today’s low of $14.74 1/2. Wyckoff's Market Rating: 7.5.

July soybean meal closed down $1.50 at $476.50 Monday. Prices closed near mid-range and saw more profit taking after hitting a contract last Thursday. 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 $490.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $460.80. First resistance comes in at $480.90 and then at today’s high of $481.50. First support is seen at $475.00 and then at $470.00. Wyckoff's Market Rating: 7.5

July bean oil closed down 36 points at 43.30 cents Monday. Prices closed near mid-range and saw profit taking from recent gains. The bean oil bulls still have the near-term technical advantage. A 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 last week’s low of 42.04 cents. First resistance is seen at 43.50 cents and then at last week’s high of 43.95 cents. First support is seen at today’s low of 42.89 cents and then at 42.50 cents. Wyckoff's Market Rating: 6.0

July Chicago SRW wheat closed down 23 1/2 cents at $6.75 1/2 Monday. Prices closed nearer the session low today. The wheat bulls have now lost their slight overall near-term technical advantage. A bearish double-top reversal pattern may be developing 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 March high of $7.00. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the April low of $6.63 3/4. First resistance is seen at $6.80 and then at $6.85. First support lies at today’s low of $6.70 1/4 and then at $6.63 3/4. Wyckoff's Market Rating: 5.0.

July HRW wheat closed down 23 1/4 cents at $7.41 3/4 Monday. Prices closed nearer the session low. The wheat bulls have the slight near-term technical advantage but are fading and need to show fresh power soon. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the April high of $7.80 1/4. The bears' next downside breakout objective is pushing and closing prices below solid technical support at the April low of $7.23 1/4. First resistance is seen at $7.50 and then at $7.60. First support is seen at today’s low of $7.37 and then at $7.30. Wyckoff's Market Rating: 5.5

July oats closed down 8 cents at $3.47 3/4 Monday. Prices closed nearer the session low and hit a 10-week low. Bears have the near-term technical advantage. Prices are in a seven-week-old downtrend on the daily bar chart. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.35. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.65. First support lies at $3.45 and then at today’s low of $3.42. First resistance is seen at $3.50 and then at $3.55. Wyckoff's Market Rating: 3.0

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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