Grain Market Analysis

November soybeans on Friday closed sharply lower, near the session low, hit a fresh two-week low and closed at a bearish weekly low close. While no serious chart damage has yet occurred in soybeans, the bulls have faded and do need to show fresh power soon to avoid significant chart damage. A three-month-old uptrend is still in place on the daily bar chart. The next near-term upside technical objective for the soybean bulls is pushing and closing November prices above psychological resistance at $11.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $10.20. First resistance for November soybeans is seen at $10.70 and then at $10.80. First support is seen at $10.50 and then at $10.40.

 

$15.55 1/2 --- the contract high
$10.97 1/2 --- 10-day moving average
$10.70 1/4 --- 20-day moving average
$10.44 3/4 --- 40-day moving average
$8.09 3/4 ---- the contract low

Source: VantagePoint Intermarket Analysis Software

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December soybean meal on Friday closed sharply lower, the session low, hit a fresh five-week low and closed at a bearish weekly low close. Some chart damage occurred Friday as a four-month-old uptrend on the daily bar chart was at least temporarily negated. The next upside price objective for the bulls is to produce a close above solid technical resistance at $310.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $275.00. First resistance comes in at $292.50 and then at $295.00. First support is seen at $288.00 and then at $285.00.

 

$383.00 --- contract high
$308.30 --- 10-day moving average
$304.30 --- 20-day moving average
$299.70 --- 40-day moving average
$236.70 --- the contract low

 

December soybean oil on Friday closed lower, near the session low, scored a bearish "outside day" down on the daily bar chart and closed at a bearish weekly low close. Bean oil bulls have faded but still have the overall near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week's high of 45.45 cents. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at 43.39 cents. First resistance is seen at 44.00 cents and then at 44.25 cents. First support is seen at Friday's low of 43.66 cents and then at 44.50 cents.

 

70.00 --- the contract high
44.12 --- 10-day moving average
42.92 --- 20-day moving average
42.01 --- 40-day moving average
31.80 --- the contract low

 

December corn on Friday closed limit down, hit a fresh three-week low and closed at a bearish weekly low close. Significant near-term chart damage occurred in the corn market last week, to begin to suggest that a near-term market top is in place. A three-month-old uptrend on the daily bar chart was negated. Corn bulls' next upside price objective is to push and close prices above major psychological resistance at $5.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $4.50. First resistance for December corn is seen at $4.70 and then at $4.75. First support is seen at $4.60 and then at $4.55.

 

$7.05 -------- the contract high
$5.01 3/4 ---- 10-day moving average
$4.92 1/4 ---- 20-day moving average
$4.60 1/2 ---- 40-day moving average
$3.43 1/4 ---- the contract low

 

December Chicago wheat on Friday closed lower, nearer the session low, hit a fresh two-month low and closed at a bearish weekly low close. The bears have good downside technical momentum. Bulls' next upside price objective is to push and close Chicago SRW prices above solid resistance at $6.85 a bushel. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.25. First resistance is seen at $6.60 and then at $6.70. First support lies at Friday's low of $6.46 1/2 and then at $6.40.

 

$10.38 1/4 --- the contract high
$6.99 -------- 10-day moving average
$7.16 -------- 20-day moving average1
$7.13 3/4 ---- 40-day moving average
$4.72 3/4 ---- the contract low

 

December KCBT wheat on Friday closed lower, nearer the session low, hit a fresh two-month low and closed at a bearish weekly low close. The bears have good downside technical momentum. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at $7.25. The bears' next downside objective is pushing and closing prices below solid technical support at $6.50. First resistance is seen at $7.00 and then at Friday's high of $7.08. First support is seen at Friday's low of $6.84 and then at $6.75.

 

$10.35 ------ the contract high
$7.32 3/4 --- 10-day moving average
$7.45 1/2 --- 20-day moving average
$7.32 1/4 --- 40-day moving average
$4.85 3/4 --- the contract low