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Wyckoff's Closing Grains: Corn Closed Higher

Wyckoff's Closing Grains: Corn Closed Higher

20 August 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed up 3/4 cent at $3.72 1/4 Tuesday.

Prices closed nearer the session high on tepid short covering in a bear market. The bulls cannot sustain any significant upside momentum, which would suggest an uptrend in the offing. The corn market bears are still in overall technical control. A three-month-old price downtrend remains in place on the daily bar chart. This market still could be “basing” at lower price levels that still could mark a low, however. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $3.87. The next downside price breakout objective for the bears is pushing and closing prices below solid support at the contract low of $3.58. First resistance for December corn is seen at $3.75 and then at this week’s high of $3.81. First support is seen at $3.70 and then at today’s low of $3.67. Wyckoff's Market Rating: 2.0

November soybeans closed down 5 cents at $10.52 3/4 a bushel Tuesday. Prices closed nearer the session high. The soybean bears have the solid 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 the August high of $10.89 1/2 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $10.25. First resistance is seen at this week’s high of $10.60 and then at $10.69. First support is seen at today’s low of $10.43 1/2 and then at the contract low of $10.38 3/4. Wyckoff's Market Rating: 1.0.

December soybean meal closed down $2.30 at $352.80 Tuesday. Prices closed near mid-range. The soybean meal bears have the overall near-term technical advantage. However, prices have been basing for the past month, which hints a market bottom is close at hand or 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 contract low of $337.80. First resistance comes in at today’s high of $354.70 and then at last week’s high of $358.00. First support is seen at $350.00 and then at $347.70. Wyckoff's Market Rating: 2.5

December bean oil closed down 32 points at 33.01 cents Tuesday. Prices closed nearer the session low and hit another contract low today. The bean oil bears have the solid overall near-term technical advantage. Prices are in an accelerating seven-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 34.50 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 32.50 cents. First resistance is seen at this week’s high of 33.53 cents and then at 34.00 cents. First support is seen at today’s contract low of 32.87 cents and then at 32.75 cents. Wyckoff's Market Rating: 1.0

December Chicago SRW wheat closed up 4 1/4 cents at $5.58 1/2 Tuesday. Prices closed nearer the session high and scored a mildly bullish “outside day” up on the daily bar chart. The wheat bears still have the solid overall near-term technical advantage as prices hover not far above the contract low. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $5.75. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the contract low of $5.40 1/4. First resistance is seen at today’s high of $5.65 1/2 and then at $5.71. First support lies at $5.50 and then at today’s low of $5.46 3/4. Wyckoff's Market Rating: 2.0.

December HRW wheat closed up 6 cents at $6.37 1/2 Tuesday. Prices closed nearer the session high and scored a mildly bullish “outside day” up on the daily bar chart. The wheat bears still have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.50. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $6.00. 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 $6.25 and then at the contract low of $6.17 3/4. Wyckoff's Market Rating: 1.5

December oats closed up 3/4 cent at $3.39 3/4 Tuesday. Prices closed near mid-range today. Bulls have the slight near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the August low of $3.27 1/4. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the August high of $3.47 3/4. First support lies at today’s low of $3.37 and then at $3.35. First resistance is seen at today’s high of $3.42 and then at $3.43 1/4. Wyckoff's Market Rating: 5.5

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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