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Wyckoff's Closing Grains: Corn Closed Lower

Wyckoff's Closing Grains: Corn Closed Lower

06 August 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed down 2 1/4 cents at $3.67 Tuesday. Prices closed nearer the session high.

The corn market bears are still in solid overall technical control. Corn Belt extended weather forecasts remain non-threatening. A steep three-month-old 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 $3.77 3/4. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $3.50. First resistance for December corn is seen at $3.71 and then at $3.74. First support is seen at $3.64 1/4 and then at the contract low of $3.61. Wyckoff's Market Rating: 1.0

November soybeans closed down 13 3/4 cents at $10.65 3/4 a bushel Tuesday. Prices closed near mid-range. Corn Belt extended weather forecasts still show good growing weather for soybeans and that’s fully bearish. A record U.S. crop is likely. 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 $10.88 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the contract low of $10.54, scored Monday. First resistance is seen at today’s high of $10.75 1/2 and then at $10.88. First support is seen at today’s low of $10.58 1/2 and then at $10.54. Wyckoff's Market Rating: 1.0.

December soybean meal closed down $4.20 at $343.60 Tuesday. Prices closed near mid-range today. The soybean meal bears have the solid overall 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 July low of $340.00. First resistance comes in at today’s high of $346.80 and then at $350.00. First support is seen at today’s low of $341.10 and then at $340.00. Wyckoff's Market Rating: 1.0

December bean oil closed down 53 points at 35.87 cents Tuesday. Prices closed nearer the session low. The bean oil bears have the solid overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. 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 37.36 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 36.00 cents and then at today’s high of 36.39 cents. First support is seen at Monday’s contract low of 35.63 cents and then at 35.50 cents. Wyckoff's Market Rating: 1.0

December Chicago SRW wheat closed up 8 1/4 cents at $5.72 3/4 Tuesday. Prices closed nearer the session high and hit a fresh two-week high today. More short covering was featured again today. While the wheat bears still have the firm overall near-term technical advantage, recent price action could be “basing” that would put in a market bottom soon, or has already done so. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $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 $5.42 1/4. First resistance is seen at today’s high of $5.74 1/4 and then at $5.80. First support lies at today’s low of $5.59 1/4 and then at $5.50. Wyckoff's Market Rating: 2.5.

December HRW wheat closed up 5 1/2 cents at $6.56 Tuesday. Prices closed nearer the session high on more short covering. The wheat bears still have the firm overall near-term technical advantage. Prices are still in a three-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $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 this week’s low of $6.27 and then at $6.22. Wyckoff's Market Rating: 2.0

December oats closed up 2 1/2 cents at $3.33 Tuesday. 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 the June high of $3.43 1/4. First support lies at $3.30 and then at today’s low of $3.28 1/2. First resistance is seen at $3.35 and then at last 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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