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Wyckoff's Closing Grains: Corn Closed Higher

19 June 2014
Jim Wyckoff Commentary -  TheCropSite

US - July corn futures closed up 1 3/4 cents at $4.40 1/2 Wednesday.

Prices closed near mid-range and saw short covering in a bear market. Gains were limited by very good growing and crop conditions at mid-June for U.S. corn. The corn bears still have the solid overall near-term technical advantage. Prices are in a steep four-week-old downtrend on the daily bar chart. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $4.50. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $4.30. First resistance for July corn is seen at today’s high of $4.43 3/4 and then at $4.48. First support is seen at today’s low of $4.38 1/2 and then at this week’s low of $4.35 1/2. Wyckoff's Market Rating: 2.5

July soybeans closed up 11 1/4 cents at $14.09 1/2 a bushel Wednesday. Prices closed nearer the session high after hitting a 2.5-month low early on today. Short covering was featured. Very good growing weather and very good crop conditions in the U.S. Corn Belt are still bearish for soybeans. Bean bears have the overall near-term technical advantage. Prices are still in a three-week-old downtrend 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 this week’s high of $14.35 1/2 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $13.75. First resistance is seen at today’s high of $14.19 and then at $14.25. First support is seen at $14.00 and then at today’s low of $13.93 1/2. Wyckoff's Market Rating: 4.0.

July soybean meal closed up $2.50 at $453.20 Wednesday. Prices closed near mid-range today and hit a nearly three-month low. The soybean meal bears still have the firm overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at this week’s high of $472.30. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $435.00. First resistance comes in at $455.00 and then at today’s high of $457.50. First support is seen at $450.00 and then at today’s low of $448.60. Wyckoff's Market Rating: 3.0

July bean oil closed up 45 points at 40.13 cents Wednesday. Prices closed nearer the session high on short covering and bargain hunting. The bean oil bears still have the overall near-term technical advantage. However, the bulls are making a move. 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 this week’s low of 39.05 cents. First resistance is seen at today’s high of 40.29 cents and then at 40.50 cents. First support is seen at 40.00 cents and then at 39.80 cents. Wyckoff's Market Rating: 4.0

July Chicago SRW wheat closed up 5 1/4 cents at $5.87 Wednesday. Prices closed nearer the session low and saw short covering in a bear market. The wheat bears have the solid overall near-term technical advantage. Prices are in a steep six-week-old downtrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.00. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the January low of $5.57 1/4. First resistance is seen at $5.95 and then at today’s high of $5.98. First support lies at today’s low of $5.81 1/2 and then at this week’s low of $5.76 3/4. Wyckoff's Market Rating: 2.0.

July HRW wheat closed up 15 1/4 cents at $7.27 3/4 Wednesday. Prices closed near mid-range and saw more short covering in a bear market. The wheat bears still have the near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the June high of $7.45. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at $7.35 and then at today’s high of $7.41 3/4. First support is seen at today’s low of $7.12 3/4 and then at the June low of $7.02. Wyckoff's Market Rating: 3.5

July oats closed up 4 1/2 cents at $3.42 3/4 Wednesday. Prices closed near the session high today. Bears have the near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the May low of $3.26 1/2. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.60. First support lies at today’s low of $3.37 1/2 and then at this week’s low of $3.36. First resistance is seen at $3.43 and then at $3.45. 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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