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Wyckoff's Closing Grains: Corn Closed Higher

Wyckoff's Closing Grains: Corn Closed Higher

22 August 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed up 2 1/4 cents at $3.69 3/4 Thursday. Prices closed near mid-range and saw tepid short covering in a bear market. The corn market bears are still in overall technical control.

This market still could be “basing” at lower price levels that still could mark a low. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at this week’s high of $3.81.

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 today’s high of $3.73 and then at $3.75. First support is seen at this week’s low of $3.65 1/2 and then at $3.62. Wyckoff's Market Rating: 1.5

November soybeans closed up 1 3/4 cents at $10.39 3/4 a bushel Thursday. Prices closed near mid-range and hit another fresh contract low today. This week’s price action suggests another leg down in prices is coming for soybeans.

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 $10.69 a bushel.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $10.00. First resistance is seen at today’s high of $10.47 and then at $10.55. First support is seen at today’s contract low of $10.35 and then at $10.25. Wyckoff's Market Rating: 1.0.

December soybean meal closed up $3.10 at $347.30 Thursday. Prices closed nearer the session high on short covering in a bear market. The soybean meal bears still 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 the August high of $358.00. 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 $348.30 and then at $350.00. First support is seen at this week’s low of $343.10 and then at $340.00. Wyckoff's Market Rating: 2.0

December bean oil closed down 4 points at 33.18 cents Thursday. Prices closed nearer the session low. There was not follow-through buying on Thursday and a bullish “key reversal” up on the daily chart was not confirmed. The bean oil bears have the solid overall near-term technical advantage. Prices are in a 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 33.50 cents and then at today’s high of 33.71 cents. First support is seen at today’s low of 33.06 cents and then at the contract low of 32.76 cents. Wyckoff's Market Rating: 1.5

December Chicago SRW wheat closed up 7 cents at $5.57 Thursday. Prices closed nearer the session high today on short covering in a bear market. The wheat bears still have the solid overall near-term technical advantage. 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 $5.61 1/2 and then at this week’s high of $5.65 1/2. First support lies at this week’s low of $5.45 and then at $5.40 1/4. Wyckoff's Market Rating: 1.0.

December HRW wheat closed up 2 1/2 cents at $6.33 Thursday. Prices closed near mid-range on tepid short covering. 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 this week’s high of $6.44 and then at $6.50. First support is seen at this week’s low of $6.24 1/2 and then at the contract low of $6.17 3/4. Wyckoff's Market Rating: 1.0

December oats closed up 8 1/4 cents at $3.47 3/4 Thursday. Prices closed near the session high and hit a six-week high today. Prices closed at the highest closing level in 4.5-months. Bulls have the near-term technical advantage and gained more upside momentum today.

Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.35. 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 $3.45 and then at $3.42 1/2. First resistance is seen at today’s high of $3.49 and then at $3.51. Wyckoff's Market Rating: 6.5

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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