Monday, February 8, 2010

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March corn on Friday closed weaker, near mid-range hit a fresh four-month low and closed at a bearish weekly low close. Corn bears have the solid near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at $3.40 a bushel. Bulls’ next upside price objective is to push prices above solid technical resistance at last week’s high of $3.68 1/4 a bushel. First resistance for March corn is seen at Friday’s high of $3.55 1/2 and then at $3.59. First support is seen at $3.50 and then at Friday’s low of $3.47 1/2.

$7.12 1/4 —- the contract high
$3.58 3/4 —- 10-day moving average
$3.71 3/4 —- 20-day moving average
$3.89 3/4 —- 40-day moving average
$3.15 1/2 —- the contract low

March Chicago wheat on Friday closed weaker and nearer the session high. Serious near-term technical damage has been inflicted in wheat recently. Prices are in a four-week-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $4.59. Bulls’ next upside price objective is to push and close March futures prices above solid technical resistance at last week’s high of $4.94 3/4 a bushel. First resistance is seen at Friday’s high of $4.76 1/2 and then at $4.82. First support lies at last week’s low of $4.66 1/2 and then at $4.59.

10.29 1/4 — the contract high
$4.81 3/4 — 10-day moving average
$5.03 1/4 — 20-day moving average1
$5.21 1/4 — 40-day moving average
$4.59 ——- the contract low

March KCBT wheat on Friday closed weaker and near mid-range. Serious near-term chart damage has occurred recently. Bears have the solid near-term technical advantage. Bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of $5.03. The bears’ next downside objective is pushing and closing prices below solid technical support at the October low of $4.75 1/4. First resistance is seen at Friday’s high of $4.88 and then at $4.93. First support is seen at last week’s low of $4.80 3/4 and then at $4.75 1/4.

$10.08 1/2 — the contract high
$4.91 1/2 — 10-day moving average
$5.08 1/4 — 20-day moving average
$5.20 3/4 — 40-day moving average
$4.75 1/2 — the contract low

March soybeans on Friday closed slightly lower and near mid-range. Serious technical damage has been inflicted in soybeans recently. Prices are in a steep five-week-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below major psychological support at last week’s low of $9.00. The next upside technical objective for the bulls is pushing and closing March prices above solid technical resistance at $9.40. First resistance for March soybeans is seen at Friday’s high of $9.21 1/2 and then at $9.25. First support is seen at Friday’s low of $9.09 and then at $9.00.

$15.60 ——- the contract high
$9.23 1/2 —- 10-day moving average
$9.50 3/4 —- 20-day moving average
$9.94 1/2 —- 40-day moving average
$8.05 ——– the contract low

March soybean meal on Friday closed slightly lower and near the session low. Serious near-term chart damage has been inflicted in meal recently. Bears have the solid near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $262.00. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $278.00. First resistance comes in at $272.50 and then at Friday’s high of $274.70. First support is seen at $270.00 and then at $268.00.

$395.00 — contract high
$276.40 — 10-day moving average
$283.40 — 20-day moving average
$294.00 — 40-day moving average
$234.20 — the contract low

March soybean oil on Friday closed weaker and near mid-range. Bears have the near-term technical advantage. Prices are in a five-week-old downtrend onthe daily bar chart. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at last week’s low of 35.80 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 38.00 cents. First resistance is seen at Friday’s high of 37.29 cents and then at last week’s high of 37.53 cents. First support is seen at Friday’s low of 36.69 cents and then at 36.50 cents.

69.15 — the contract high
36.67 — 10-day moving average
37.36 — 20-day moving average
38.61 — 40-day moving average
30.90 — the contract low