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Wyckoff's Closing Grains: Corn Closed Lower

Wyckoff's Closing Grains: Corn Closed Lower

01 October 2014
Jim Wyckoff Commentary -  TheCropSite

US - December corn futures closed down 5 3/4 cents at $3.20 today.

Prices closed near the session low and hit another contract and four-year low today. Prices also closed at a technically bearish monthly and quarterly low close today. The market was also pressured by a bearish USDA quarterly grain stocks report. The key “outside markets” were also bearish today as the U.S. dollar index was higher and crude oil prices were sharply lower. Corn bears have the strong near-term technical advantage and their next downside price objective is to push and close prices below solid technical support at $3.10. The next upside price breakout objective for the bulls is pushing and closing prices above solid resistance at $3.30. First resistance for December corn is seen at today’s high of $3.26 1/4 and then at $3.30. First support is seen at the contract low of $3.19 1/2 and then at $3.15. Wyckoff's Market Rating: 1.0

November soybeans closed down 11 1/4 cents at $9.12 1/4 a bushel today. Prices closed near the session low. The key “outside markets” were bearish today as the U.S. dollar index was higher and crude oil prices were sharply lower.

Today’s USDA quarterly grain stocks report was deemed neutral for soybeans. The soybean bears still have the solid overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. There are no early clues of a market bottom being close at hand. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at last week’s high of $9.54 3/4 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $9.00. First resistance is seen at $9.20 and then at $9.25. First support is seen at the contract low of $9.05 1/2 and then at $9.00. Wyckoff's Market Rating: 1.0.

December soybean meal closed down $5.80 at $298.10 today. Prices closed near the session low and another contract low today. Prices also closed at a technically bearish monthly and quarterly low close 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 $310.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $290.00. First resistance comes in at $300.00 and then at today’s high of $305.30. First support is seen at today’s contract low of $297.60 and then at $295.00. Wyckoff's Market Rating: 1.0

December bean oil closed down 43 points at 32.52 cents today. Prices closed near mid-range. The key “outside markets” were bearish for bean oil today as the U.S. dollar index was higher and crude oil prices were sharply lower.
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 the September high of 33.83 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 31.52 cents. First resistance is seen at 33.50 cents and then at 33.00 cents. First support is seen at today’s low of 32.24 cents and then at 32.00 cents. Wyckoff's Market Rating: 1.5

December Chicago SRW wheat closed down 3 1/2 cents at $4.77 3/4 today. Prices closed nearer the session high. Prices last week hit a contract and four-year low. Today’s USDA report was bearish for wheat, as expected. The wheat bears 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 $5.00. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $4.50. First resistance is seen at last week’s high of $4.84 1/2 and then at $4.90. First support lies at the contract low of $4.66 1/4 and then at $4.60. Wyckoff's Market Rating: 1.0.

December HRW wheat closed down 8 1/2 cents at $5.58 today. Prices closed nearer the session low and closed at a contract low close. Prices also closed at a technically bearish monthly and quarterly low close today. The key “outside markets” were also bearish today as the U.S. dollar index was higher and crude oil prices were sharply lower. The wheat bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.00. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $5.50. First resistance is seen at today’s high of $5.66 3/4 and then at last week’s high of $5.71 3/4. First support is seen at the contract low of $5.53 1/2 and then at $5.50. Wyckoff's Market Rating: 1.0

December oats closed up 1 1/2 cents at $3.35 1/2 today. Prices closed near mid-range today. The bears have the slight overall near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.25. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.50. First support lies at $3.33 and then at today’s low of $3.29. First resistance is seen at today’s high of $3.39 3/4 and then at $3.43. Wyckoff's Market Rating: 4.5

 

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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