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Wyckoff's Closing Grains: Corn Closed Higher

24 July 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed up 2 cents at $3.70 1/4 Wednesday. Prices hit another new contract low and then rebounded on some tepid short covering to close near the session high.

Corn Belt weather forecasts and growing conditions remain bearish. Some corn and soybean market indicators are saying the crops are in the best shape at this growth stage than has been seen in 10 years. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $3.80. 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 $3.75 and then at this week’s high of $3.76 1/2. First support is seen at today’s contract low of $3.65 3/4 and then at $3.60. Wyckoff's Market Rating: 1.0

November soybeans closed up 18 3/4 cents at $10.76 1/2 a bushel Wednesday. Prices closed near the session high on short covering after hitting a contract low early on today. The soybean bears still have the solid overall near-term technical advantage, amid a steep price downtrend on the daily chart. Corn Belt weather forecasts and growing conditions are still bearish. 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 $10.50. First resistance is seen at this week’s high of $10.81 3/4 and then at $10.90. First support is seen at $10.65 and then at today’s contract low of $10.55. Wyckoff's Market Rating: 2.0.

December soybean meal closed up $5.20 at $346.90 Wednesday. Prices closed nearer the session high today on short covering in a bear market. The soybean meal bears still have the solid near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $355.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $337.10. First resistance comes in at today’s high of $348.90 and then at $350.00. First support is seen at $345.00 and then at $342.80. Wyckoff's Market Rating: 2.0

December bean oil closed up 32 points at 36.35 cents Wednesday. Prices closed near the session high on short covering after hitting a contract low early on today. The bean oil bears still 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 this week’s high of 36.66 cents. First support is seen at today’s contract low of 35.90 cents and then at 35.50 cents. Wyckoff's Market Rating: 1.5

December Chicago SRW wheat closed up 5 3/4 cents at $5.54 1/2 Wednesday. Prices closed near the session high on short covering after hitting a fresh contract low early on today.

The wheat bears still have the solid overall near-term technical advantage. Wheat followed today and 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 $5.25. First resistance is seen at this week’s high of $5.60 3/4 and then at $5.70. First support lies at today’s contract low of $5.44 1/4 and then at $5.35. Wyckoff's Market Rating: 1.5.

December HRW wheat closed up 3 3/4 cents at $6.36 1/2 Wednesday. Prices closed near the session high and hit a nearly six-month low early on. Tepid short covering was featured. 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 this week’s high of $6.46 1/4 and then at $6.50. First support is seen at today’s low of $6.31 3/4 and then at $6.25. Wyckoff's Market Rating: 1.5

December oats closed up 1/4 cent at $3.24 1/4 Wednesday. Prices closed near the session high. 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 $3.21 1/4 and then at $3.20. First resistance is seen at this week’s high of $3.27 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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