Grain Market Analysis

November soybeans on Friday closed slightly lower and near the session low on mild profit taking after hitting a fresh two-year high on Thursday. Soybean bulls still have the solid near-term technical advantage. A 15-week-old uptrend is 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 solid technical resistance at $12.50 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $11.65 1/2. First resistance for November soybeans is seen at Friday's high of $12.12 1/2 and then at last week's high of $12.23 1/2. First support is seen at $11.94 then at $11.85.

 

$15.55 1/2 --- the contract high
$11.85 3/4 --- 10-day moving average
$11.37 1/2 --- 20-day moving average
$10.93 1/4 --- 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 lower and near the session low on profit taking after hitting a fresh two-year high on Thursday. The meal bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at $350.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $323.00. First resistance comes in at $333.00 and then at Friday's high of $335.60. First support is seen at $330.00 and then at $328.00.

 

$383.00 --- contract high
$330.80 --- 10-day moving average
$316.80 --- 20-day moving average
$309.40 --- 40-day moving average
$236.70 --- the contract low

 

December soybean oil on Friday closed slightly higher and near the session low. Bean oil bulls still have the solid 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 50.00 cents. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at last week's low of 46.90 cents. First resistance is seen at 48.52 cents and then at last week's high of 48.95 cents. First support is seen at Friday's low of 48.18 cents and then at 48.00 cents.

 

70.00 --- the contract high
47.64 --- 10-day moving average
46.07 --- 20-day moving average
43.96 --- 40-day moving average
31.80 --- the contract low

 

December corn on Friday closed lower, near the session low and saw a corrective, profit-taking pullback from recent gains. Corn bulls still have the solid overall near-term technical advantage. Prices are in a 15-week-old uptrend on the daily bar chart. Corn bulls' next upside price objective is to push and close prices above psychological resistance at $6.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $5.42 3/4. First resistance for December corn is seen at $5.65 and then at $5.70. First support is seen at Friday's low of $5.59 1/2 and then at $5.55.

 

$7.05 -------- the contract high
$5.63 1/2 ---- 10-day moving average
$5.29 3/4 ---- 20-day moving average
$5.04 1/4 ---- 40-day moving average
$3.43 1/4 ---- the contract low

 

December Chicago wheat on Friday closed slightly higher, near mid-range and hit a fresh three-week low early on. Wheat bulls and bears are on a level near-term technical playing field, but the bulls are fading. Wheat bulls' next upside price objective is to push and close Chicago SRW prices above solid resistance at $7.00 a bushel. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at the October low of $6.43 1/2. First resistance is seen at Friday's high of $6.76 and then at $6.87 3/4. First support lies at Friday's low of $6.65 and then at $6.60.

 

$10.38 1/4 --- the contract high
$6.91 1/4 ---- 10-day moving average
$6.83 1/4 ---- 20-day moving average1
$7.02 1/4 ---- 40-day moving average
$4.72 3/4 ---- the contract low

 

December KCBT wheat on Friday closed slightly higher, near mid-range and hit a fresh three-week low. Bulls and bears are on a level near-term technical playing field. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at $7.50. The bears' next downside objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at $7.25 and then at $7.31 1/2. First support is seen at Friday's low of $7.13 and then at $7.00.

 

$10.35 ------ the contract high
$7.33 3/4 --- 10-day moving average
$7.22 1/2 --- 20-day moving average
$7.34 3/4 --- 40-day moving average
$4.85 3/4 --- the contract low