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Grain Markets See Choppy Trading This Week
Dec 05, 2012

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Jim Wyckoff

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March corn futures were down 3 1/2 cents at 7.51 in late trading yesterday. Prices were near mid-range and saw more profit taking from recent gains. Bulls still have the slight overall near-term technical advantage. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at the October high of $7.75 3/4. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $7.35. First resistance for March corn is seen at yesterday's high of $7.57 and then at this week's high of $7.64. First support is seen at yesterday's low of $7.46 3/4 and then at $7.40. Wyckoff's Market Rating: 5.5

January soybeans were down 1/4 cent at $14.53 1/2 a bushel in late trading yesterday. Prices were nearer the session high. Soybean bears still have the overall near-term technical advantage. However, my bias is that the downside is limited in beans at present price levels. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing January prices above psychological resistance at $15.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below psychological support at $14.00. First resistance is seen at this week's high of $14.62 3/4 and then at $14.75. First support is seen at yesterday's low of $14.36 and then at $14.29. Wyckoff's Market Rating: 3.5.

March soybean meal was up $1.60 at $433.20 in late trading yesterday. Prices were nearer the session high and were poised to close at a fresh three-week high close. More short covering and bargain hunting were seen. Meal bears still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $440.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $405.50. First resistance comes in at this week's high of $433.80 and then at $435.00. First support is seen at yesterday's low of $428.70 and then at $425.00. Wyckoff's Market Rating: 3.5

March bean oil was down 12 points at 50.57 cents in late trading yesterday. Prices were nearer the session high. The bean oil bears have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 52.00 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 49.00 cents. First resistance is seen at this week's and last week's high of 51.13 cents and then at 51.50 cents. First support is seen at 50.24 cents and then at 50.00 cents. Wyckoff's Market Rating: 3.5

March Chicago SRW wheat was down 4 1/2 cents at $8.56 1/4 in late trading yesterday. Prices were near mid-range and saw more profit taking. Bulls are fading but still have the slight overall near-term technical advantage. Wheat bulls' next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at last week's high of $8.79 3/4 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the November low of $8.45. First resistance is seen at yesterday's high of $8.65 and then at this week's high of $8.77 1/4. First support lies at yesterday's low of $8.51 1/2 and then at
$8.45. Wyckoff's Market Rating: 5.5.

March K.C. HRW wheat was down 5 1/2 cents at $9.01 1/4 in late trading yesterday. Prices were nearer the session low on more profit taking. HRW bulls still have the slight overall near-term technical advantage. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at last week's high of $9.40. The bears' next downside breakout objective is pushing and closing prices below solid technical support at the September low of $8.85. First resistance is seen at yesterday's high of $9.10 and then at $9.20. First support is seen at yesterday's low of $8.98 and then at $8.85. Wyckoff's Market Rating: 5.5

March oats were up 1/2 cent at $3.85 yesterday in late trading. Prices were nearer the session high. Trading has been choppy in oats. Oats bulls still have the overall near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the November low of $3.62 1/2. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.00. First support lies at yesterday's low of $3.81 1/4 and then at this week's low of $3.78 1/4. First resistance is seen at this week's high of $3.88 and then at $3.90. Wyckoff's Market Rating: 6.0

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