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Jim Wyckoff's Morning Report: Markets Higher Overnight

29 April 2014
Jim Wyckoff Commentary -  TheCropSite

US - July corn futures closed up 1 cent at $5.13 3/4 Monday. Prices closed near mid-range and did hit a two-week high early on.

Selling pressure was limited by increasing concerns about U.S. corn planting delays. Corn prices are in a nearly four-month-old uptrend on the daily bar chart. The bulls have the 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 $5.24 1/4.

The next downside price breakout objective for the bears is pushing and closing prices below solid support at $5.00. First resistance for July corn is seen at today’s high of $5.18 1/2 and then at $5.24 1/4. First support is seen at $5.10 and then at $5.05. Wyckoff's Market Rating: 6.5

July soybeans closed up 5 3/4 cents at $15.00 a bushel Monday. Prices closed near mid-range today. The soybean market is getting support from tight domestic stocks and from the strength in corn and wheat recently. Bean bulls 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 last week’s low of $14.60 1/2. First resistance is seen at today’s high of $15.13 and then at $15.21. First support is seen at today’s low of $14.90 3/4 and then at $14.80. Wyckoff's Market Rating: 8.0.

July soybean meal closed up $3.40 at $484.80 Monday. 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 the contract high of $500.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $467.00. First resistance comes in at today’s contract high of $488.80 and then at $490.00. First support is seen at today’s low of $479.60 and then at $475.00. Wyckoff's Market Rating: 8.0

July bean oil closed down 32 points at 42.83 cents Monday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. The bean oil bulls still have the slight near-term technical advantage but need to show fresh power soon to keep it. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the April high of 43.95 cents.

Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 42.00 cents. First resistance is seen at 43.00 cents and then at 43.25 cents. First support is seen at today’s low of 42.74 cents and then at last week’s low of 42.47 cents. Wyckoff's Market Rating: 5.5

July Chicago SRW wheat closed up 1/4 cent at $7.08 1/2 Monday. Prices closed near mid-range today. The wheat bulls have the overall near-term technical advantage and have gained upside momentum recently.

Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the March high of $7.25 1/4. 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 the April high of $7.18 1/4 and then at the March high of $7.25 1/4. First support lies at $7.00 and then at $6.95. Wyckoff's Market Rating: 6.0.

July HRW wheat closed up 7 cents at $7.86 1/2 Monday. Prices closed nearer the session high and hit a fresh four-week high today. The wheat bulls have the near-term technical advantage and have gained upside momentum recently.

Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the March high of $7.94 1/2. The bears' next downside breakout objective is pushing and closing prices below solid technical support at last week’s low of $7.36 3/4. First resistance is seen at today’s high of $7.89 3/4 and then at $7.94 1/2. First support is seen at today’s low of $7.73 1/2 and then at $7.65. Wyckoff's Market Rating: 6.5

July oats closed up 4 1/2 cents at $3.62 1/2 Monday. Prices closed nearer the session high. Bears have the near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the April low of $3.52.

Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the April high of $3.76 1/2. First support lies at today’s low of $3.58 and then at $3.53 1/4. First resistance is seen at $3.65 and then at last week’s high of $3.67. Wyckoff's Market Rating: 4.0

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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