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Wyckoff's Closing Grains: Corn Closed Steady

18 July 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed steady at $3.86 3/4 Thursday. Prices closed nearer the session low.

Prices are hovering not far above Tuesday’s contract low. Corn Belt weather forecasts and growing conditions remain bearish. Some warmer and drier air is in the forecast for next week, but does not appear to be threatening. Corn bulls' next upside price objective is to push and close prices above major technical resistance at $4.00. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $3.75. First resistance for December corn is seen at $3.90 and then at today’s high of $3.95 3/4. First support is seen at today’s low of $3.82 3/4 and then at the contract low of $3.78 1/4. Wyckoff's Market Rating: 1.5

November soybeans closed down 9 1/2 cents at $10.92 1/2 a bushel Thursday. Prices closed near the session low. The soybean bears have the solid overall near-term technical advantage. Corn Belt weather forecasts and growing conditions are still bearish. Drier and warmer weather is in the forecast for next week but is not seen as threatening at present. However, a serious dry weather pattern would have to persist to really rally this market. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $11.30 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $10.65. First resistance is seen at $11.00 and then at today’s high of $11.18 3/4. First support is seen at $10.85 3/4 and then at $10.70. Wyckoff's Market Rating: 2.0.

December soybean meal closed up $0.70 at $357.50 Thursday. Prices closed nearer the session low today after hitting a nearly three-week high early on. The soybean meal bears still have the near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the July high of $367.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the July low of $340.00. First resistance comes in at $360.80 and then at $363.00. First support is seen at today’s low of $353.30 and then at $350.00. Wyckoff's Market Rating: 2.5

December bean oil closed down 60 points at 36.39 cents Thursday. Prices closed nearer the session low and hit a contract low today. The bean oil bears have the solid 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 this week’s high of 37.31 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 36.00 cents. First resistance is seen at 36.50 cents and then at 37.00 cents. First support is seen at today’s low of 36.31 cents and then at 36.00 cents. Wyckoff's Market Rating: 1.0

December Chicago SRW wheat closed up 11 1/2 cents at $5.73 1/2 Thursday. Prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart today. Short covering was featured along with some buying due to the Malaysian airliner going down near the Russia-Ukraine border. The Ukraine is a major wheat growing region worldwide. The wheat bears still have the solid overall near-term technical advantage. 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 last week’s low of $5.46 1/2. First resistance is seen at today’s high of $5.84 1/2 and then at $5.90. First support lies at $5.60 and then at today’s low of $5.55. Wyckoff's Market Rating: 2.0.

December HRW wheat closed up 11 1/2 cents at $6.60 Thursday. Prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart. Prices hit a 5.5-month low early on. The wheat bears still have the solid overall near-term technical advantage. Prices are in a nine-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.80. The bears' next downside breakout objective is pushing and closing prices below solid technical support at the January low of $6.22. First resistance is seen at today’s high of $6.69 3/4 and then at $6.75. First support is seen at $6.50 and then at today’s low of $6.41 3/4. Wyckoff's Market Rating: 1.0

December oats closed down 2 1/2 cents at $3.32 1/4 Thursday. Prices closed near the session low. Bulls have the slight near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the July low of $3.20. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the July high of $3.51. First support lies at $3.30 and then at $3.27 3/4. First resistance is seen at $3.35 and then at today’s high of $3.38. Wyckoff's Market Rating: 5.5

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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