Jim Wyckoff’s Futures Commentaries

Jim Wyckoff, Senior Analyst, TraderPlanet.com, LLC

NOVEMBER SOYBEANS

November soybeans on Friday closed weaker and near the session low. Prices are in a two week-old downtrend on the daily bar chart as the bulls have faded a bit and need to show fresh power soon. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at $10.57 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 $9.70 3/4 a bushel. First resistance for November soybeans is seen at $10.00 and then at Friday’s high of $10.09 1/4. First support is seen at Friday’s low of $9.89 1/2 and then at $9.75.

$15.57 1/2 — the contract high
$10.13 3/4 — 10-day moving average
$10.43 1/2 — 20-day moving average
$10.21 3/4 — 40-day moving average
$6.70 ——– the contract low

DECEMBER SOYBEAN MEAL

December soybean meal on Friday closed slightly higher and nearer the session low. Near-term technical damage has been inflicted in meal recently. Prices are in a two-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at $328.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $297.10. First resistance comes in at Friday’s high of $309.70 and then at $311.30. First support is seen at Friday’s low of $304.70 and then at $300.00.

$399.00 — contract high
$312.50 — 10-day moving average
$319.00 — 20-day moving average
$307.60 — 40-day moving average
$203.30 — the contract low

DECEMBER SOYBEAN OIL

December soybean oil on Friday closed lower, nearer the session low and scored a bearish “outside day” down on the daily bar chart. Prices are still in a four-week-old downtrend on the daily bar chart. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 38.88 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 35.00 cents. First resistance is seen at 37.00 cents and then at 37.50 cents. First support is seen at Friday’s low of 36.71 cents and then at last week’s low of 36.51 cents.

70.00 — the contract high
37.45 — 10-day moving average
38.81 — 20-day moving average
39.02 — 40-day moving average
30.00 — the contract low

DECEMBER CORN

December corn on Friday closed firmer on short covering following recent losses. Prices did hit a fresh two-month low early on. Prices are still in a three-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.30 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at $3.90 a bushel. First resistance for December corn is seen at Friday’s high of $4.06 1/2 and then at $4.11 1/4. First support is seen at Friday’s low of $3.99 1/4 and then at $3.90.

$7.07 ——– the contract high
$4.15 1/4 — 10-day moving average
$4.39 1/4 — 20-day moving average
$4.40 3/4 — 40-day moving average
$3.04 ——– the contract low

DECEMBER CBOT WHEAT

December Chicago wheat on Friday closed slightly higher and near mid-range in quiet trading. Prices are in a steep three-week-old downtrend on the daily bar chart. Wheat 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 April low of $5.63. Bulls’ next upside price objective is to push and close July futures prices above solid technical resistance at $6.30 a bushel. First resistance is seen at Friday’s high of $5.91 and then at $6.00. First support lies at last week’s low of $5.81 and then at $5.75.

$11.50 1/2 — the contract high
$6.06 3/4 — 10-day moving average
$6.40 1/4 — 20-day moving average
$6.40 — 40-day moving average
$4.91 ——– the contract low

DECEMBER KCBT WHEAT

December KCBT wheat on Friday closed weaker, near the session low, closed at a fresh six-week low close and closed at a bearish weekly low close. Bears have the solid near-term technical advantage. The bulls’ next upside price objective is pushing prices above solid technical resistance at $6.50. The bears’ next downside objective is pushing and closing prices below psychological support at $6.00. First resistance is seen at Friday’s high of $6.21 and then at $6.25. First support is seen at last week’s low of $6.14 and then at $6.00.

$11.35 ——– the contract high
$6.36 1/4— 10-day moving average
$6.68 ——- 20-day moving average
$6.66 3/4 — 40-day moving average
$4.60 ——– the contract low