Daily Technical Overview
DEC WHEAT Resist: 887 1/4*, 894-895, 926 ST Trend: Sdwys/Up
(884) Supprt: 870 1/2, 861*, 850- Obj: 914 TRP: 861.00
Comment: The market is showing a bullish upturn which could kick off rallies to challenge for a breakout
over the correction of the past several months. A close over 887 1/4* or pop over 901 should spark a run to
914 and 925. A close over 926 is bullish. If trade stalls around 887 1/4* today-Friday, then be prepared for
a modest slip to sideways congestion around 870. A close under 861* is needed to drive a selloff back to
basing levels under 850-.
DEC CORN Resist: 766 3/4-767, 771, 789-794* ST Trend: Sdwys/Up
(754 1/2) Supprt: 750-746 1/4*, 735 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: 1580 3/4, 1611 1/4* ST Trend: Sdwys/Down
(1570 1/2) Supprt: 1544 3/4, 1529, 1519 3/4* Obj: None TRP: 1611.25
Comment: Overall the market is bearish, but a close under 1519 1/4* as well as 1493 is needed to trigger a
wash to 1452 1/2* weekly support. Current rebounds suggest further corrections this week that could work
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. Trade rejected at 1611 1/4* will prompt secondary selloffs.
