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Wyckoff's Closing Grains: Corn Closed Higher

Wyckoff's Closing Grains: Corn Closed Higher

31 July 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed up 1/2 cent at $3.71 1/2 Wednesday. Prices closed near mid-range and saw tepid short covering in a bear market.

The corn market bears are still in firm overall technical control. Corn Belt extended weather forecasts show good growing weather up to at least mid-August. A steep price downtrend remains in place on the daily bar chart. 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 solid support at last week’s contract low of $3.64 1/4. First resistance for December corn is seen at today’s high of $3.74 and then at this week’s high of $3.77 3/4. First support is seen at today’s low of $3.67 and then at $3.64 1/4. Wyckoff's Market Rating: 1.5

November soybeans closed down 13 3/4 cents at $10.81 1/4 a bushel Wednesday. Prices closed nearer the session low. Bulls are fading once again. Corn Belt extended weather forecasts show good growing weather up to at least mid-August, and that’s bearish. The soybean bears have the firm overall 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 $11.18 3/4 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the contract low of $10.55. First resistance is seen at $10.90 and then at $11.00. First support is seen at today’s low of $10.76 1/2 and then at $10.70. Wyckoff's Market Rating: 1.5.

December soybean meal closed down $5.70 at $348.60 Wednesday. Prices closed nearer the session low today. The soybean meal bears have the firm overall near-term technical advantage. But it still looks like a market bottom could be in place. 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 $350.00 and then at $352.50. First support is seen at today’s low of $347.40 and then at $345.00. Wyckoff's Market Rating: 2.0

December bean oil closed down 14 points at 36.39 cents Wednesday. Prices closed near mid-range. 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 37.36 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 35.50 cents. First resistance is seen at today’s high of 36.69 cents and then at 37.00 cents. First support is seen at today’s low of 36.03 cents and then at the contract low of 35.88 cents. Wyckoff's Market Rating: 1.0

December Chicago SRW wheat closed up 5 3/4 cents at $5.49 1/2 Wednesday. Tepid short covering in a bear market was featured. Prices closed nearer the session high. The wheat bears still have the solid overall near-term technical advantage. Wheat will continue to generally 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 this week’s high of $5.64. 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 $5.58 and then at this week’s high of $5.64. First support lies at the contract low of $5.42 1/4 and then at $5.35. Wyckoff's Market Rating: 1.0.

December HRW wheat closed up 4 cents at $6.32 1/4 Wednesday. Prices closed near mid-range on tepid short covering in a bear market. The wheat bears still have the solid overall near-term technical advantage. Prices are in an 11-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at this week’s high of $6.50. 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 $6.41 1/2 and then at $6.50. First support is seen at today’s low of $6.27 and then at $6.22. Wyckoff's Market Rating: 1.0

December oats closed down 3 1/2 cents at $3.29 3/4 Wednesday. Prices closed nearer the session low. Bulls and bears are back 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 the June high of $3.43 1/4. First support lies at today’s low of $3.28 1/2 and then at $3.25. First resistance is seen at today’s high of $3.34 1/4 and then at this week’s high of $3.38 1/2. 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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