Daily Technical Overview
DEC WHEAT Resist: 873 1/2*-876 1/2, 887 1/4* ST Trend: Sdwys/Down
(868 1/2) Supprt: 843 3/4, 837*, 815- Obj: 837? TRP: 873.50
Comment: The market retains potential for declines to test 837* weekly support. A press below 845 1/2
should fuel selloffs. A close under 837* is bearish and projects an extension to 815- as well as harder
selloffs. This week’s corrections are testing the 873 1/2* resistance. A close over 873 1/2* marks a
reversing turn and should boost rallies back to 887 1/4* resistance, challenging for a larger upturn.
DEC CORN Resist: 771, 789-794* ST Trend: Sdwys/Up
(760 3/4) Supprt: 750 1/4, 744-743 3/4* Obj: 789 TRP: 743.75
Comment: Yesterday’s rally signals a short term positive turn and suggests rallies to push against last
week’s high. A pop over 776 will boost rallies to resistance at 789-794*. Additional congestion should
rebound off 743 3/4* to continue a friendly shift to higher prices. A close under 743 3/4* or drop under 735
1/1/4 flips trade back on the defensive for declines under 725-.
NOV SOYBEANS Resist: 1560, 1571, 1611 1/4* ST Trend: Sdwys/Down
(1545 1/2) Supprt: 1513, 1507 1/2, 1492 1/2 Obj: 1452 1/2? TRP: 1611.25
Comment: Overall the market is bearish and still vulnerable for a wash to 1452 1/2* support. A drop under
1492 1/2 will rekindle bear trending selloffs to weekly support at 1452 1/2*. Yesterday’s thrust higher alerts
for corrections the next few days and powering a close over 1571 could spark a multi-day climb to test
resistance at 1600-1611 1/4*. A close over 1611 1/4* is needed to secure a short term bottoming
turnaround.
DEC SOYMEAL Resist: 46870-470, 476 ST Trend: Sdwys/Down
(45280) Supprt: 45660, 453-, 44760* Obj: 44760 TRP: 488.10
Comment: Overall the market is still bearish and shows potential for additional washouts to weekly
retracement support at 44760*. Use a close under 45280 to trigger declines to 44760*. Yesterday’s
rebound hints for corrective rallies and flagging action back up near 476. A push over 47950 is needed to
boost a recovery phase to challenge the 48810* resistance for a lasting bottom.
