Grain Market Analysis from Jim Wyckoff
Technical Analysis: US Corn, Wheat Futures
By Jim Wyckoff
MARCH CORN
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.
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
$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 CBOT WHEAT
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.
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
$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
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.
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
$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
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.
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
$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
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.
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
$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
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 on
the 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.
near-term technical advantage. Prices are in a five-week-old downtrend on
the 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
36.67 --- 10-day moving average
37.36 --- 20-day moving average
38.61 --- 40-day moving average
30.90 --- the contract low
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