Grain Market Analysis from Jim Wyckoff

GRAINS: December corn futures closed down 22 1/2
cents at $7.23 today. Prices closed nearer the
session low today, hit a fresh three-week low and
scored a bearish "outside day" down on the daily
bar chart. There are early anecdotal reports coming
in from the southern U.S. corn belt that corn
yields are coming in better than expected. However,
harvest is just getting started. Still, those
reports helped to pressure corn today. Corn bulls
still have the solid overall near-term technical
advantage. Corn bulls' next upside price breakout
objective is to push and close prices above solid
technical resistance at the contract high of $7.79.
The next downside price breakout objective for the
bears is pushing and closing prices below major
psychological support at $7.00. First resistance
for December corn is seen at $7.30 and then at
$7.35. First support is seen at $7.20 and then at
today's low of $7.16 3/4. Wyckoff's Market Rating:
7.5

November soybeans closed down 4 1/4 cents at $13.91
3/4 a bushel today. Prices closed near mid-range
and hit another fresh three-week low today. A
bearish USDA report Monday morning has pressured
beans. However, no serious chart damage has
occurred. Soybean bulls still have the overall
near-term technical advantage. The next near-term
upside technical breakout objective for the soybean
bulls is pushing and closing November prices above
solid technical resistance at this week's high of
$14.32 1/4 a bushel. The next downside price
breakout objective for the bears is pushing and
closing prices below solid technical support at
$13.50. First resistance is seen at $14.00 and then
at $14.11 1/4. First support is seen at today's low
of $13.82 and then at $13.75. Wyckoff's Market
Rating: 7.0.

December soybean meal closed down $3.10 at $362.70
today. Prices closed nearer the session low today
and hit another fresh three-week low. Bulls have
faded and need to show fresh power soon. However,
no serious chart damage has yet occurred. The bulls
still have the overall near-term technical
advantage. The next upside price breakout objective
for the bulls is to produce a close above technical
resistance at this week's high of $376.40. The next
downside price breakout objective for the bears is
pushing and closing prices below solid technical
support at $355.00. First resistance comes in at
$365.00 and then at today's high of $367.60. First
support is seen at today's low of $361.30 and then
at $360.00. Wyckoff's Market Rating: 7.0.

December bean oil closed down 12 points at 57.63
cents today. Prices closed near mid-range today and
hit a fresh two-week low. Trading has turned choppy
in bean oil. Bean oil bulls still have the slight
overall near-term technical advantage, but have
faded and need to show fresh power soon. A four-
week-old uptrend on the daily bar chart was negated
today. The next upside price breakout objective for
the bean oil bulls is pushing and closing prices
above solid technical resistance at the August high
of 59.23 cents. Bean oil bears' next downside
technical price breakout objective is pushing and
closing prices below solid technical support at
57.00 cents. First resistance is seen at 58.00
cents and then at 58.50 cents. First support is
seen at 57.17 cents and then at today's low of
57.07 cents. Wyckoff's Market Rating: 5.5

December Chicago SRW wheat closed down 25 1/4 cents
at $7.02 today. Prices closed nearer the session
low today and hit another fresh four-week low. The
key outside markets were bullish for wheat today,
yet wheat sold off anyway, which is another bearish
clue. The bulls have faded badly recently. Bears
now have the near-term technical advantage. Bulls'
next upside price breakout objective is to push and
close Chicago SRW prices above solid technical
resistance at $7.50 a bushel. The next downside
price breakout objective for the wheat futures
bears is pushing and closing prices below solid
technical support at the August low of $6.81 3/4.
First resistance is seen at $7.10 and then at
$7.20. First support lies at today's low of $6.96
and then at $6.90. Wyckoff's Market Rating: 4.0.

December K.C. HRW wheat closed down 23 1/2 cents at
$8.02 1/2 today. Prices closed nearer the session
low and hit another fresh four-week low. Bears have
regained the near-term technical advantage. Bulls'
next upside price breakout objective is pushing and
closing prices above solid technical resistance at
$8.50. The bears' next downside breakout objective
is pushing and closing prices below solid technical
support at the August low of $7.77. First
resistance is seen at $8.10 and then at $8.20.
First support is seen at today's low of $7.98 and
then at $7.90. Wyckoff's Market Rating: 4.0.

December oats closed down 1 cent at $3.44 today.
Prices closed near mid-range today and hit another
fresh four-week low. Bears have the near-term
technical advantage. Bears' next downside price
breakout objective is pushing and closing prices
below solid chart support at the July low of $3.33.
Bulls' next upside price breakout objective is
pushing and closing prices above solid technical
resistance at $3.65. First support lies at $3.40
and then at today's low of $3.38. First resistance
is seen at today's high of $3.48 1/4 and then at
$3.50. Wyckoff's Market Rating: 4.0.