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Wyckoff's Closing Grains: Corn Closed Higher

Wyckoff's Closing Grains: Corn Closed Higher

07 August 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed up 7 cents at $3.74 1/4 Wednesday. Prices closed near the session high on short covering in a bear market.

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 $3.80. The next downside price breakout objective for the bears is pushing and closing prices below solid support at the recent contract low of $3.61. First resistance for December corn is seen at today’s high of $3.74 3/4 and then at $3.77 3/4. First support is seen at $3.70 and then at today’s low of $3.66 1/2. Wyckoff's Market Rating: 1.5

November soybeans closed up 14 1/4 cents at $10.80 a bushel Wednesday. Prices closed near the session high on short covering in a bear market. Corn Belt extended weather forecasts still show benign weather for soybeans and that’s bearish. A record U.S. crop is likely. The soybean bears still 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 $11.00 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the contract low of $10.54. First resistance is seen at today’s high of $10.81 and then at $10.88. First support is seen at $10.70 and then at $10.60. Wyckoff's Market Rating: 1.5.

December soybean meal closed up $4.60 at $348.20 Wednesday. Prices closed near the session high and scored a bullish “outside day” up on the daily bar chart today. The soybean meal bears still have the firm 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 $348.90 and then at $350.00. First support is seen at $345.00 and then at $342.00. Wyckoff's Market Rating: 1.5

December bean oil closed up 33 points at 36.20 cents Wednesday. Prices closed nearer the session high on short covering in a bear market. The bean oil bears still have the solid overall near-term technical advantage. Prices are in a six-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 this week’s high of 36.45 cents and then at 36.72 cents. First support is seen at 36.00 cents and then at the contract low of 35.63 cents. Wyckoff's Market Rating: 1.5

December Chicago SRW wheat closed up 14 cents at $5.86 3/4 Wednesday. Prices closed nearer the session high and hit a four-week high today. More short covering and bargain hunting were featured today. While the wheat bears still have the overall near-term technical advantage, recent price action suggests a market bottom is in place. 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 $5.60. First resistance is seen at today’s high of $5.91 and then at $6.00. First support lies at today’s low of $5.72 3/4 and then at $5.65. Wyckoff's Market Rating: 3.0.

December HRW wheat closed up 12 3/4 cents at $6.68 3/4 Wednesday. Prices closed nearer the session high and hit a four-week high on more short covering and on bargain hunting. The wheat bears still have the overall near-term technical advantage. However, a three-month-old downtrend on the daily bar chart has been negated to suggest a market bottom is in place. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.00. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $6.45. First resistance is seen at today’s high of $6.74 1/4 and then at $6.80. First support is seen at today’s low of $6.56 and then at this week’s low of $6.42 1/4. Wyckoff's Market Rating: 3.0

December oats closed up 7 1/4 cents at $3.40 1/4 Wednesday. Prices closed near the session high and hit a four-week high. Bulls have regained the near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.26 1/4. 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 $3.38 1/2 and then at $3.35. First resistance is seen at today’s high of $3.41 and then at $3.43 1/4. Wyckoff's Market Rating: 6.0

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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