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Grain Market Analysis


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November soybeans on Friday closed solidly higher, near the session high, hit a fresh two-week high and closed at a bullish weekly high close. The soybean bulls have the solid near-term technical advantage and gained fresh momentum on Friday. The next upside technical objective for the bulls is pushing and closing November prices above solid technical resistance at the August high of $10.49. The next downside price objective for the bears is pushing and closing prices below major psychological support at $10.00. First resistance for November soybeans is seen at Friday's high of $10.41 1/4 and then at $10.49. First support is seen at $10.25 and then at $10.15.
 
$15.55 1/2 --- the contract high
$10.12 3/4 --- 10-day moving average
$10.19 3/4 --- 20-day moving average
$10.03 1/2 ---- 40-day moving average
$8.09 3/4 ---- the contract low
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Source: VantagePoint Intermarket Analysis Software

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December soybean meal on Friday closed higher, near the session high, hit a fresh 1.5-year high and closed at a bullish weekly high close. Meal bulls have the solid overall near-term technical advantage and gained fresh upside momentum on Friday. A three-month-old uptrend is in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $292.60. The next upside price objective for the bulls is to produce a close above solid technical resistance at $312.00. First resistance comes in at Friday's high of $305.70 and then at $308.00. First support is seen at $300.00 and then at $297.50.
 
$383.00 --- contract high
$296.10 --- 10-day moving average
$295.50 --- 20-day moving average
$290.50 --- 40-day moving average
$236.70 --- the contract low
 
December soybean oil on Friday closed higher, near the session high and closed at a bullish weekly high close. Bean oil bulls have gained the slight near-term technical advantage. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at the August low of 39.50 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 42.00 cents. First resistance is seen at 41.10 and then at 41.50 cents. First support is seen at 40.86 cents and then at 40.63 cents.
 
70.00 --- the contract high
40.22 --- 10-day moving average
41.03 --- 20-day moving average
40.49 --- 40-day moving average
31.80 --- the contract low
 
December corn on Friday closed sharply higher, near the session high, closed  at a bullish weekly high close and hit a fresh 15-month high. The corn  market bulls have the solid overall near-term technical advantage and gained  more upside momentum on Friday. Prices are in a nine-week-old uptrend on the  daily bar chart. Corn bulls' next upside price objective is to push and  close prices above solid technical resistance at $4.80. The next downside  price objective for the bears is pushing and closing prices below solid technical support at last week's low of $4.32. First resistance for December corn is seen at Friday's high of $4.67 and then at $4.70. First support is seen at $4.60 and then at $4.55.
 
$7.05 -------- the contract high
$4.38 1/4 ---- 10-day moving average
$4.31 -------- 20-day moving average
$4.14 1/4 ---- 40-day moving average
$3.43 1/4 ---- the contract low
 
December Chicago wheat on Friday closed higher, near the session high, closed at a bullish weekly high close and hit a fresh three-week high. Bulls have the overall near-term technical advantage and gained fresh upside momentum on Friday. Bulls' next upside price objective is to push and close Chicago SRW prices above solid resistance at $7.65 a bushel. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at last week's low of $6.83 1/4. First resistance is seen at Friday's high of $7.42 and then at $7.50. First support lies at $7.32 and then at $7.25.
 
$10.38 1/4 --- the contract high
$7.05 1/4 ---- 10-day moving average
$7.11 -------- 20-day moving average1
$6.82 1/4 ---- 40-day moving average
$4.72 3/4 ---- the contract low
 
December KCBT wheat on Friday closed higher, near the session high, hit a fresh three-week high and closed at a bullish weekly high close. The bulls gained fresh upside near-term technical momentum on Friday. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at $7.80. The bears' next downside objective is pushing and closing prices below solid technical support at last week's low of $7.01. First resistance is seen at Friday's high of $7.58 1/2 and then at $7.64 1/2. First support is seen at $7.50 and then at Friday's low of $7.38 1/2.
 
$10.35 ------ the contract high
$7.20 ------- 10-day moving average
$7.20 1/4 --- 20-day moving average
$6.86 ------- 40-day moving average
$4.85 3/4 --- the contract low
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About the author


Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years.  He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies.  He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

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