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Wyckoff's Closing Grains: Corn Closed Higher

14 May 2014
Jim Wyckoff Commentary -  TheCropSite

US - July corn futures closed up 2 3/4 cents at $5.02 1/4 Tuesday.

Prices closed nearer the session high today. Good planting progress last week was trumped a bit today by wet forecasts for the Corn Belt this week. Corn bulls are fighting to keep a four-month-old uptrend in place on the daily bar chart. The bulls have the slight 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 the April low of $4.90 3/4. First resistance for July corn is seen at this week’s high of $5.06 1/4 and then at $5.10. First support is seen at $5.00 and then at today’s low of $4.97 1/2. Wyckoff's Market Rating: 5.5

July soybeans closed up 18 1/2 cents at $14.83 3/4 a bushel Tuesday. Prices closed near the session high and saw short covering and bargain hunting following recent selling pressure. Bulls have the near-term technical advantage. Wet soils in the U.S. Corn Belt are preventing soybean planting, too. 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 last week’s low of $14.41 3/4. First resistance is seen at $14.90 and then at Monday’s high of $14.96. First support is seen at $14.75 and then at $14.60. Wyckoff's Market Rating: 6.5.

July soybean meal closed up $6.50 at $484.70 Tuesday. Prices closed nearer the session high. The soybean meal bulls have the solid overall near-term technical advantage. Prices are in a four-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 today’s high of $485.50 and then at this week’s high of $490.00. First support is seen at $480.00 and then at today’s low of $477.00. Wyckoff's Market Rating: 7.5

July bean oil closed up 23 points at 41.21 cents Tuesday. Prices closed near mid-range and saw short covering today. The bean oil bears still have the overall 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 last week’s high of 41.88 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 today’s high of 41.50 cents and then at this week’s high of 41.78 cents. First support is seen at this week’s low of 40.91 cents and then at last week’s low of 40.71 cents. Wyckoff's Market Rating: 4.0

July Chicago SRW wheat closed down 5 3/4 cents at $7.09 1/4 Tuesday. Prices closed near mid-range on profit taking. The wheat bulls still have the solid overall near-term technical advantage. The Plains U.S. wheat crop is in poor shape, the U.S. spring wheat crop is delayed, and there is freezing weather headed for the Plains in the coming days.
Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the May high of $7.44. 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 $7.15 1/4 and then at this week’s high of $7.22 1/4. First support lies at today’s low of $7.04 and then at $7.00. Wyckoff's Market Rating: 7.0.

July HRW wheat closed up 1/4 cent at $8.24 3/4 Tuesday. Prices closed nearer the session high today. The wheat bulls still have the near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the contract high of $8.67. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $7.94 1/2. First resistance is seen at today’s high of $8.27 1/2 and then at $8.40. First support is seen at today’s low of $8.15 1/2 and then at this week’s low of $8.09 1/2. Wyckoff's Market Rating: 7.5

July oats closed down 1 1/2 cents at $3.55 1/2 Tuesday. Prices closed nearer the session high. Bears have 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 $3.70. First support lies at $3.50 and then at $3.45. First resistance is seen at today’s high of $3.57 3/4 and then at $3.60. Wyckoff's Market Rating: 4.5

 

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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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