Monday, March 1, 2010

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May soybeans on Friday closed higher and nearer the session high. Trading has turned choppy. The next downside price objective for the bears is pushing and closing prices below solid technical support at 9.41. The next upside technical objective for the bulls is pushing and closing May prices above solid technical resistance at last week’s high of $9.85. First resistance for May soybeans is seen at Friday’s high of $9.64 and then at $9.70. First support is seen at $9.50 and then at Friday’s low of $9.46 3/4.

$13.46 ——- the contract high
$9.60 1/2 —- 10-day moving average
$9.46 1/2 —- 20-day moving average
$9.72 1/4 —- 40-day moving average
$8.14 ——– the contract low

May soybean meal on Friday closed higher and nearer the session high on short covering in a bear market. Bears still have the overall near-term technical advantage in meal. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $259.90. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $283.60. First resistance comes in at Friday’s high of $271.10 and then at $272.20. First support is seen at $268.00 and then at last week’s low of $266.20.

$353.70 — contract high
$272.60 — 10-day moving average
$269.70 — 20-day moving average
$278.80 — 40-day moving average
$232.70 — the contract low

May soybean oil on Friday closed higher, nearer the session high, hit a fresh six-week high and closed at a bullish weekly and monthly high close. Bean oil prices are also in a four-week-old uptrend on the daily bar chart. Bean oil bulls still have the near-term technical advantage and gained fresh upside momentum on Friday. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 37.98 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 41.00 cents. First resistance is seen at Friday’s high of 39.89 cents and then at 40.00 cents. First support is seen at 39.50 cents and then at 39.25 cents.

58.70 — the contract high
39.14 — 10-day moving average
38.58 — 20-day moving average
38.67 — 40-day moving average
31.10 — the contract low

May corn on Friday closed higher, near the session high, hit a fresh six-week high and closed at a bullish weekly and monthly high close. Bulls have upside technical momentum. Prices are in a three-week-old uptrend on the daily bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at last week’s low of $3.71 1/4 a bushel. Bulls’ next upside price objective is to push and close prices above major psychological resistance at $4.00 a bushel. First resistance for May corn is seen at Friday’s high of $3.91 and then at $3.95. First support is seen at $3.85 and then at Friday’s low of $3.83.

$7.14 ——– the contract high
$3.78 1/2 —- 10-day moving average
$3.73 3/4 —- 20-day moving average
$3.87 1/2 —- 40-day moving average
$3.25 ——– the contract low

May Chicago wheat on Friday closed higher, nearer the session high and closed at a bullish weekly high close. While a larger-degree downtrend line is still in place on the daily chart, drawn from the November, December and January highs, the bulls have gained some fresh upside near-term momentum recently. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at $4.92. Bulls’ next upside price objective is to push and close May futures prices above solid technical resistance at the February high of $5.23 1/4 a bushel. First resistance is seen at Friday’s high of $5.20 1/4 and then at $5.23 1/4. First support lies at $5.10 and then at Friday’s low of $5.03.

$7.47 1/4 — the contract high
$5.09 1/4 — 10-day moving average
$5.02 1/2 — 20-day moving average1
$5.21 1/4 — 40-day moving average
$4.72 ——- the contract low

May KCBT wheat on Friday closed higher, nearer the session high and closed at a bullish weekly high close. Bears still have the overall near-term technical advantage, but bulls did gain some fresh momentum on Friday. Bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the February high of $5.27. The bears’ next downside objective is pushing and closing prices below solid technical support at the February low of $5.02 1/2. First resistance is seen at Friday’s high of $5.24 and then at $5.27. First support is seen at Friday’s low of $5.11 and then at last week’s low of $5.05 1/2.

$7.71 3/4 — the contract high
$5.13 ——- 10-day moving average
$5.08 1/2 — 20-day moving average
$5.23 1/4 — 40-day moving average
$4.86 3/4 — the contract low