Grain Market Analysis – 9/1/10
Wednesday, September 1st, 2010December corn futures closed down 1/4 cent at $4.41 1/4 yesterday. Prices closed nearer the session high yesterday. Good export demand and disappointing early U.S. corn yields from the harvested crop are bullish for the futures market. The corn market bulls have the solid overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.50. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $4.15 1/4. First resistance for December corn is seen at this week’s high of $4.45 1/4 and then at $4.50. First support is seen at $4.38 and then at yesterday’s low of $4.32.
Wyckoff’s Market Rating: 7.5
Source: VantagePoint Intermarket Analysis Software
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November soybeans closed down 14 1/4 cents at $10.08 1/4 a bushel yesterday. Prices closed near the session low yesterday and saw more profit-taking. The soybean bulls still have the overall near-term technical advantage, but trading has turned choppy. The next upside technical objective for the bulls is pushing and closing November prices above solid technical resistance at the August high of $10.49. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $9.93 1/2. First resistance for November soybeans is seen at $10.20 and then at yesterday’s high of $10.27. First support is seen at yesterday’s low of $10.06 3/4 and then at $10.00.
Wyckoff’s Market Rating: 6.5.
December soybean meal closed down $4.00 at $294.70 yesterday. Prices closed near the session low yesterday and saw more profit-taking pressure. Meal bulls still have the overall near-term technical advantage. A three-month-old uptrend is still in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $288.40. The next upside price objective for the bulls is to produce a close above solid technical resistance at the August high of $304.50. First resistance comes in at $297.00 and then at $300.00. First support is seen at yesterday’s low of $294.30 and then at $292.00.
Wyckoff’s Market Rating: 7.0.
December bean oil closed down 35 points at 40.18 cents yesterday. Prices closed near mid-range yesterday. Bean oil bears have the near-term technical advantage. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at last week’s low of 39.50 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 41.75 cents. First resistance is seen at yesterday’s high of 40.53 and then at 40.86 cents. First support is seen at yesterday’s low of 39.91 cents and then at 39.75 cents.
Wyckoff’s Market Rating: 4.0
December Chicago SRW wheat closed down 19 3/4 cents at $6.85 3/4 yesterday. Prices closed near the session low yesterday. Prices are still in a choppy and sideways trading range. However, good follow-through selling pressure on Wednesday would produce a bearish downside “breakout” from the trading range. Bulls’ next upside price objective is to push and close Chicago SRW prices above solid resistance at $7.32 a bushel. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at the August low of $6.77 1/2. First resistance is seen at $7.00 and then at yesterday’s high of $7.14. First support lies at yesterday’s low of $6.83 1/4 and then at $6.77 1/2.
Wyckoff’s Market Rating: 6.0.
December K.C. HRW wheat closed down 21 1/4 cents at $7.02 1/2 yesterday. Prices closed near the session low yesterday. Prices are still in a choppy and sideways trading range, but the bulls do still have the overall near-term technical advantage. However, good follow-through selling pressure on Wednesday would produce a bearish downside “breakout” from the trading range. Bulls’ next upside price objective is pushing and closing prices above solid technical resistance at this week’s high of $7.44. The bears’ next downside objective is pushing and closing prices below solid technical support at the August low of $6.88. First resistance is seen at $7.15 and then at yesterday’s high of $7.29. First support is seen at $7.00 and then at $6.88.
Wyckoff’s Market Rating: 6.0.
December oats closed down 1 1/2 cents at $2.76 3/4 yesterday. Prices closed near mid-range yesterday. Oats bulls still have the overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bears’ next downside price objective is pushing and closing prices below solid technical support at last week’s low of $2.70. Bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $2.90. First support lies at $2.75 and then at yesterday’s low of $2.73. First resistance is seen at yesterday’s high of $2.80 3/4 and then at $2.82.
Wyckoff’s Market Rating: 6.0.
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