Daily Technical Overview
DEC WHEAT Resist: 885-887 1/4*, 894, 926 ST Trend: Sdwys/Up
(878 1/4) Supprt: 864-863, 857 1/2*, 837* Obj: None TRP: 873.50
Comment: The market is muscling a bullish upturn and posting a close over 887 1/4* could kick off rallies to
challenge for a breakout over the correction of the past several months. Look for attempts to continue
advances, but a rejection from 887 1/4* hints for a secondary dip to congestion near 865-860. A close
under 857 1/2* is needed to drive selloffs to test 837* weekly support.
DEC CORN Resist: 771, 789-794* ST Trend: Sdwys/Up
(761 1/4) Supprt: 752-751 1/4, 746 1/4* Obj: 789 TRP: 746.25
Comment: Last week’s rally signals a short term positive turn and suggests rallies to push against the
previous week’s high. A pop over 776 will boost rallies to resistance at 789-794*. Additional congestion
should rebound off 746 1/4* to continue a friendly shift to higher prices. A close under 746 1/4* or drop
under 735 1/4 flips trade back on the defensive for declines under 725-.
NOV SOYBEANS Resist: 1555-1560, 1571, 1611 1/4* ST Trend: Sdwys/Down
(1546 1/2) Supprt: 1518, 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*. However, last week’s late thrust
higher still alerts for corrections this week 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.
