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Wyckoff's Closing Grains: Corn Closed Lower

21 May 2014
Jim Wyckoff Commentary -  TheCropSite

US - July corn futures closed down 3 3/4 cents at $4.73 1/2 Tuesday.

Prices closed near the session low today and hit another 2.5-month low. The bears have the overall near-term technical advantage and have solid downside momentum. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $4.87. The next downside price breakout objective for the 

bears is pushing and closing prices below solid support at $4.68. First resistance for July corn is seen at $4.75 and then at $4.80. First support is seen at today’s low of $4.73 and then at $4.70. Wyckoff's Market Rating: 3.0

July soybeans closed down 16 1/4 cents at $14.69 a bushel Tuesday. Prices closed near the session low today on profit taking. Trading remains choppy but bean bulls have the 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 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 the May low of $14.41 3/4. First resistance is seen at $14.80 and then at $14.90. First support is seen at this week’s low of $14.56 1/4 and then at $14.50. Wyckoff's Market Rating: 6.5.

July soybean meal closed down $3.60 at $486.90 Tuesday. Prices closed nearer the session low on profit taking after hitting a fresh contract high early on today. The soybean meal bulls still 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 $500.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the May low of $471.00. First resistance comes in at $490.00 and then at $495.00. First support is seen at $485.00 and then at $482.50. Wyckoff's Market Rating: 7.5

July bean oil closed down 41 points at 40.01 cents Tuesday. Prices closed nearer the session low and hit a 3.5-month low today. The bean oil bears have the solid overall near-term technical advantage. Prices are in a five-week-old downtrend 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 41.00 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 39.00 cents. First resistance is seen at 40.25 and then at 40.50 cents. First support is seen at today’s low of 39.93 cents and then at 39.75 cents. Wyckoff's Market Rating: 3.0

July Chicago SRW wheat closed down 5 1/4 cents at $6.69 1/4 Tuesday. Prices closed nearer the session low. The bulls and bears are on a level overall near-term technical playing field. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.90. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.50. First resistance is seen at $6.80 and then at today’s high of $6.86. First support lies at this week’s low of $6.62 3/4 and then at $6.50. Wyckoff's Market Rating: 5.0.

July HRW wheat closed down 3/4 cent at $7.68 Tuesday. Prices closed near the session low. The wheat bulls and bears are on a level near-term technical playing field. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $8.00. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $7.50. First resistance is seen at $7.75 and then at today’s high of $7.85 3/4. First support is seen at this week’s low of $7.59 and then at $7.50. Wyckoff's Market Rating: 5.0

July oats closed up 3/4 cent at $3.34 1/4 Tuesday. Prices closed nearer the session high and saw tepid short covering in a bear market. Bears still have the solid near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the January low of $3.11. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.50. First support lies at $3.30 and then at this week’s low of $3.26 1/2. First resistance is seen at this week’s high of $3.37 and then at $3.40. Wyckoff's Market Rating: 2.5

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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