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Wyckoff's Closing Grains: Corn Closed Lower

Wyckoff's Closing Grains: Corn Closed Lower

22 July 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed down 6 cents at $3.72 1/2 Monday.

Prices gapped lower on the daily bar chart, hit a new contract low and closed nearer the session low. Corn Belt weather forecasts and growing conditions remain bearish. Warmer and drier air the next couple days does not appear to be threatening.

Technically, today’s gap-down trade on the daily chart opens the door to still more downside price pressure. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $3.88.

The next downside price breakout objective for the bears is pushing and closing prices below major support at $3.50. First resistance for December corn is seen at today’s high of $3.76 1/2 and then at $3.80. First support is seen at today’s contract low of $3.60 1/2 and then at $3.65. Wyckoff's Market Rating: 1.0

November soybeans closed down 13 1/2 cents at $10.71 3/4 a bushel Monday. Prices gapped lower on the daily bar chart, closed near mid-range and are right back near the recent contract low. The soybean bears have the solid overall near-term technical advantage. Corn Belt weather forecasts and growing conditions are still very bearish. Drier and warmer weather the next two days is not seen threatening.

The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $11.00 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the contract low of $10.65. First resistance is seen at today’s high of $10.80 and then at $10.90. First support is seen at $10.65 and then at $10.60. Wyckoff's Market Rating: 1.0.

December soybean meal closed down $4.90 at $346.90 Monday. Prices closed near mid-range today. The soybean meal bears have solid 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 today’s high of $350.20 and then at $354.00. First support is seen at today’s low of $343.80 and then at $340.00. Wyckoff's Market Rating: 1.5

December bean oil closed down 46 points at 36.26 cents Monday. Prices closed near the session low and closed at a contract low close 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 last 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 35.00 cents. First resistance is seen at 36.50 cents and then at today’s high of 36.66 cents. First support is seen at the contract low of 36.21 cents and then at 36.00 cents. Wyckoff's Market Rating: 1.0

December Chicago SRW wheat closed down 1 3/4 cents at $5.54 1/2 Monday. Prices closed near the session high. The wheat bears have the solid overall near-term technical advantage. Wheat will continue to follow the lead of corn and soybeans in the coming weeks. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at last week’s high of $5.84 1/2.

The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the July low of $5.46 1/2. First resistance is seen at $5.60 and then at $5.70. First support lies at $5.50 and then at $5.46 1/2. Wyckoff's Market Rating: 1.0.

December HRW wheat closed down 6 cents at $6.39 3/4 Monday. Prices closed near mid-range today and hit a nearly six-month low. The wheat bears have the solid overall near-term technical advantage. Prices are in a 10-week-old downtrend on the daily bar chart.

Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of $6.69 3/4. 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 $6.44 and then at $6.50. First support is seen at today’s low of $6.36 and then at $6.30. Wyckoff's Market Rating: 1.0

December oats closed down 1/4 cent at $3.25 Monday. Prices closed near mid-range. Bulls and bears are on a level near-term technical playing field. 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 last week’s high of $3.38.

First support lies at today’s low of $3.23 1/4 and then at $3.20. First resistance is seen at today’s high of $3.26 1/2 and then at $3.30. Wyckoff's Market Rating: 5.0

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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