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Wyckoff's Closing Grains: Corn Closed Lower

02 May 2014
Jim Wyckoff Commentary -  TheCropSite

US - July corn futures closed down 12 cents at $5.07 Thursday.

Prices closed nearer the session low and saw more profit taking. Corn prices are still in a four-month-old uptrend on the daily bar chart. Bulls do not want to see a bearish weekly low close in prices on Friday, which would begin to hint of a near-term market top. The bulls still have the overall 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 $5.00. First resistance for July corn is seen at $5.10 and then at $5.15. First support is seen at today’s low of $5.04 1/2 and then at $5.00. Wyckoff's Market Rating: 6.0

July soybeans closed down 51 3/4 cents at $14.61 a bushel Thursday. Prices closed near the session low today and saw very heavy profit taking. Bulls lost steam today and there is now the specter of a bearish double-top reversal pattern that has formed on the daily bar chart. A lower close on Friday would suggest this market has put in a near-term top. But right now bean bulls still have the overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $15.00 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $14.40. First resistance is seen at $14.70 and then at $14.80. First support is seen at today’s low of $14.60 and then at $14.50. Wyckoff's Market Rating: 6.0.

July soybean meal closed down $17.00 at $476.70 Thursday. Prices closed near the session low and saw heavy profit taking. The soybean meal bulls still have the 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 $494.30. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $467.00. First resistance comes in at $480.00 and then at $485.00. First support is seen at today’s low of $475.90 and then at $470.00. Wyckoff's Market Rating: 7.5

July bean oil closed down 95 points at 41.16 cents Thursday. Prices closed near the session low and hit a fresh four-week low today. The bean oil bears now have the 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 42.50 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at the March low of 40.08 cents. First resistance is seen at 41.50 cents and then at 41.75 cents. First support is seen at today’s low of 41.10 cents and then at 41.00 cents. Wyckoff's Market Rating: 4.0

July Chicago SRW wheat closed down 14 1/4 cents at $7.07 1/4 Thursday. Prices closed nearer the session low today on profit taking. The wheat bulls still have the overall near-term technical advantage. 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 $7.00. First resistance is seen at $7.18 1/4 and then at $7.25 1/4. First support lies at $7.00 and then at $6.90. Wyckoff's Market Rating: 6.5.

July HRW wheat closed down 8 1/2 cents at $8.04 Thursday. Prices closed nearer the session low and did hit another fresh 11-month high today. Profit taking was featured. The wheat bulls still have the solid near-term technical advantage. 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 $8.17 and then at $8.25. First support is seen at $8.00 and then at $7.94 1/2. Wyckoff's Market Rating: 7.5

July oats closed down 7 1/2 cents at $3.53 Thursday. Prices closed nearer the session low on profit taking. Bears today regained the slight near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the April low of $3.42. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at this week’s high of $3.70. First support lies at today’s low of $3.50 3/4 and then at $3.48. First resistance is seen at $3.55 and then at today’s high of $3.60 1.2. Wyckoff's Market Rating: 4.5

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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