Wyckoff's Closing Grains: Corn Closes Higher

Wed, 22 Jan 2014

US - March corn futures closed up 1 cent at $4.26 Wednesday. Prices closed near mid-range and saw tepid short covering in a bear market. Corn bears have the overall near-term technical advantage.

Corn bulls' next upside price objective is to push and close prices above solid technical resistance at the January high of $4.35 1/2.

The next downside price breakout objective for the bears is pushing and closing prices below solid support at the contract low of $4.06 1/4. First resistance for March corn is seen at today's high of $4.29 and then at $4.30. First support is seen at today's low of $4.24 1/2 and then at this week's low of $4.21. Wyckoff's Market Rating: 1.5

March soybeans closed steady at $12.80 1/2 a bushel Wednesday. Prices closed near mid-range. Bulls have faded as beneficial rains and cooler temperatures in South American growing regions have occurred this week.

Also, worries about bird flu in China decreasing demand for soybeans from China are bearish. Soybean bears have the slight 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 $13.00 a bushel.

The next downside price breakout objective for the bears is pushing prices below solid technical support at the January low of $12.62 1/2. First resistance is seen at today's high of $12.86 and then at $12.90. First support is seen at today's low of $12.72 and then at $12.62 1/2. Wyckoff's
Market Rating: 4.5.

March soybean meal closed up $3.10 at $419.60 Wednesday. Prices closed near the session high on a corrective bounce from heavy losses Tuesday. Bulls have faded this week. Bulls and bears are on a level near-term technical playing field.

A bearish double-top reversal pattern has formed on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $425.00.

The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $403.40. First resistance comes in $420.00 and then at $422.50. First support is seen at $416.30 and then at today's low of $413.80. Wyckoff's Market Rating: 5.0

March bean oil closed down 21 points at 37.89 cents Wednesday. Prices closed nearer the session low. 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 39.00 cents.

Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 37.00 cents. First resistance is seen at 38.00 cents and then at today's
high of 38.30 cents. First support is seen at today's low of 37.79 cents and then at last week's low of 37.55 cents. Wyckoff's Market Rating: 1.5

March Chicago SRW wheat closed down 1 cent at $5.61 1/4 Wednesday. Prices closed near the session low and closed at another fresh contract low close.

The wheat bears have the solid near-term technical advantage. This market also needs a solid dose of bullish fundamental news to stop the downtrend.

Wheat bulls' next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $5.95 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $5.50. First resistance is seen at $5.67 3/4 and then at $5.75. First support lies at the contract low of $5.60 1/2 and then at $5.55. Wyckoff's Market Rating: 1.0.

March HRW wheat closed up 4 cents at $6.25 1/4 Wednesday. Prices closed near mid-range on short covering in a bear market. The HRW wheat market 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 the January high of $6.51. 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 $6.28 1/2 and then at $6.35. First support is seen at the contract low of $6.17 and then at $6.10. Wyckoff's Market Rating: 1.5

March oats closed down 3/4 cent at $3.98 1/2 Wednesday. Prices closed near mid-range on mild short covering. Prices Tuesday hit a 14-month high. Bulls have the solid overall near-term technical advantage.

Prices are in an accelerating three-month-old uptrend on the daily bar chart. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.83 1/2. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.10.

First support lies at today's low of $3.96 1/4 and then at $3.92 1/2. First resistance is seen at today's high of $4.01 and then at this week's high of $4.03 1/2. Wyckoff's Market Rating: 8.0