Monday, March 8, 2010

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May soybeans on Friday closed slightly higher and nearer the session low. Price action late last week in soybeans produced a bearish downside “breakout” from a sideways trading range. Soybean bears have the near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $9.11. The next upside technical objective for the bulls is pushing and closing May prices above solid technical resistance at last week’s high of $9.63. First resistance for May soybeans is seen at $9.50 and then at $9.60. First support is seen at last week’s low of $9.37 1/4 and then at $9.30.

$13.46 ——- the contract high
$9.57 3/4 —- 10-day moving average
$9.53 3/4 —- 20-day moving average
$9.59 1/4 —- 40-day moving average
$8.14 ——– the contract low

May soybean meal on Friday closed slightly lower, near mid-range, hit a fresh 11-month low and closed at a bearish weekly low close. Bears have the solid near-term technical advantage in meal. The next downside price objective for the bears is pushing and closing prices below solid technical support at $250.00. The next upside price objective for the bulls is to produce a close above solid technical resistance at $270.00. First resistance comes in at Friday’s high of $260.00 and then at $262.50. First support is seen at Friday’s low of $255.30 and then at $252.50.

$353.70 — contract high
$267.90 — 10-day moving average
$269.20 — 20-day moving average
$273.80 — 40-day moving average
$232.70 — the contract low

May soybean oil on Friday closed slightly higher and nearer the session low. Bean oil prices are still in a five-week-old uptrend on the daily bar chart. Bean oil bulls still have the near-term technical advantage. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 38.75 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 40.25 cents and then at last week’s high of 40.51 cents. First support is seen at Friday’s low of 39.85 cents and then at 39.64 cents.

58.70 — the contract high
39.68 — 10-day moving average
39.25 — 20-day moving average
38.53 — 40-day moving average
31.10 — the contract low

May corn on Friday closed lower, near the session low, hit a fresh two-week low, scored a bearish “outside day” down on the daily bar chart and closed at a bearish weekly low close. Corn bears gained fresh downside technical momentum on Friday. The next downside price objective for the bears is to push and close prices below solid technical support at $3.65 a bushel. Bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of $3.92 a bushel. First resistance for May corn is seen at $3.80 and then at $3.85. First support is seen at Friday’s low of $3.75 and then at $3.71.

$7.14 ——– the contract high
$3.82 3/4 —- 10-day moving average
$3.77 1/4 —- 20-day moving average
$3.81 3/4 —- 40-day moving average
$3.25 ——– the contract low

May Chicago wheat on Friday closed lower, nearer the session low, hit a fresh three-week low and closed at a bearish weekly low close. A larger-degree downtrend line is in place on the daily chart, drawn from the November, December and January highs. The bears have the overall near-term technical advantage and gained fresh downside momentum on Friday. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at the February low of $4.80 3/4. Bulls’ next upside price objective is to push and close May futures prices above solid technical resistance at last week’s high of $5.26 a bushel. First resistance is seen at $5.00 and then at Friday’s high of $5.08 1/2. First support lies at Friday’s low of $4.92 1/4 and then at $4.80 3/4.

$7.47 1/4 — the contract high
$5.07 3/4 — 10-day moving average
$5.05 3/4 — 20-day moving average1
$5.13 1/2 — 40-day moving average
$4.72 ——- the contract low

May KCBT wheat on Friday closed lower, near the session low, hit a fresh three-week low and closed at a bearish weekly low close. Bears have the solid near-term technical advantage. 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 $4.92 1/2. First resistance is seen at Friday’s high of $5.12 1/2 and then at last week’s high of $5.19 1/4. First support is seen at $5.00 and then at $4.92 1/2.

$7.71 3/4 — the contract high
$5.11 3/4 — 10-day moving average
$5.10 1/2 — 20-day moving average
$5.16 3/4 — 40-day moving average
$4.86 3/4 — the contract low