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Wyckoff's Closing Grains: Corn Closed Lower

01 May 2014
Jim Wyckoff Commentary -  TheCropSite

US - July corn futures closed down 2 1/2 cents at $5.19 Wednesday.

Prices closed nearer the session high and saw mild profit taking from recent good gains. Corn prices are in a 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 strong 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 $5.06. First resistance for July corn is seen at this week’s high of $5.22 and then at $5.24 1/4. First support is seen at today’s low of $5.14 1/2 and then at this week’s low of $5.11 1/4. Wyckoff's Market Rating: 7.0

July soybeans closed down 4 1/2 cents at $15.12 3/4 a bushel Wednesday. Prices closed near mid-range today and saw mild profit taking. Bean bulls have the solid overall near-term technical advantage. Prices are in a steep 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 $14.80. First resistance is seen at $15.21 and then at $15.25. First support is seen at $15.00 and then at $14.90. Wyckoff's Market Rating: 7.5.

July soybean meal closed up $2.50 at $493.70 Wednesday. Prices closed near the session high and hit another fresh contract high. Prices also closed at a bullish monthly high close today. 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 $479.60. First resistance comes in at today’s contract high of $494.30 and then at $500.00. First support is seen at today’s low of $489.20 and then at $485.00. Wyckoff's Market Rating: 8.5

July bean oil closed down 84 points at 42.11 cents Wednesday. Prices closed nearer the session low and hit a fresh three-week low today. The bean oil bulls have lost their slight near-term technical advantage. 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 41.00 cents. First resistance is seen at 42.50 cents and then at 42.75 cents. First support is seen at 42.00 cents and then at today’s low of 41.81 cents. Wyckoff's Market Rating: 5.0

July Chicago SRW wheat closed up 5 cents at $7.21 1/2 Wednesday. Prices closed nearer the session high today, closed at a 10-month high close and closed at a bullish monthly high close. The wheat bulls have the overall near-term technical advantage and have gained good upside momentum recently. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.50. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $7.00. First resistance is seen at today’s high of $7.24 3/4 and then at $7.30. First support lies at today’s low of $7.10 3/4 and then at $7.00. Wyckoff's Market Rating: 7.0.

July HRW wheat closed up 10 cents at $8.12 1/2 Wednesday. Prices closed nearer the session high and hit another fresh 11-month high today. Prices also closed at a bullish monthly high close today. The wheat bulls have the solid near-term technical advantage and have gained good upside momentum recently. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $8.25. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $7.50. First resistance is seen at today’s high of $8.15 1/4 and then at $8.25. First support is seen at $8.00 and then at $7.94 1/2. Wyckoff's Market Rating: 8.0

July oats closed down 8 3/4 cents at $3.60 1/2 Wednesday. Prices closed nearer the session low after hitting a nearly three-week high early on today. Prices also scored a bearish “outside day” down on the daily bar chart today.
Bulls and bears are on a level near-term technical playing field. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.50. 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 1/4 and then at $3.55. First resistance is seen at $3.65 and then at today’s high of $3.70. 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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