Are The Grain Markets Looking A Little Grainy?

Yesterday, March corn futures closed down 2 cents at $4.065, and this closing price was very near the session low. Losses were limited by a fresh export sale of U.S. corn yesterday. However, bulls appear to be getting tired after the recent rally. Prices are trapped in the middle of a choppy trading range at higher price levels, bound by solid support at the November low of $3.72 1/2 and by solid resistance at the November high of $4.25. Bulls still have the overall short-term technical advantage. The next upside price objective is to push and close prices above strong technical resistance at the November high of $4.25 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at $3.90 a bushel. First resistance for March corn is seen at this week's high of $4.10 and then at $4.15. First support is seen at yesterday's low of $4.05 and then at $4.00.

January soybeans closed down 1/4 cent at $10.54 3/4 a bushel yesterday, and prices closed near the session low. Prices could not manage to gain upward momentum despite a fresh announcement of a large sale of U.S. soybeans to China. This suggests the bulls have become exhausted as prices reach the upper boundary of the recent trading range. Bulls do still have the overall near-term technical advantage. The next upside technical objective for the bulls is pushing and closing January prices above solid technical resistance at the December high of $10.78 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at the December low of $10.19 a bushel. First resistance for January soybeans is seen at yesterday's high of $10.68 1/2 and then at $10.78 1/2. First support is seen at yesterday's low of $10.49 1/2 and then at $10.40.

March soybean meal closed steady at $312.60 yesterday. Prices closed near mid-range yesterday and also hit a fresh four-month high. Bulls have the overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily chart. The next upside price objective is a close above solid technical resistance at $325.00. The next downside price objective for the bears is below solid technical support at last week's low of $298.90. First  short term resistance comes in at $314.80 and then at yesterday's high of $316.60. First support is seen at yesterday's low of $310.10 and then at $307.50.

March bean oil closed up 1 point at 40.05 cents yesterday. Prices closed near mid-range. Bean oil bulls still have the overall near-term technical advantage, but are fading a bit. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week's high of 41.44 cents. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at 39.00 cents. First resistance is seen at yesterday's high of 40.40 cents and then at 40.75 cents. First support is seen at yesterday's low of 39.81 cents and then at this week's low of 39.61 cents.

March Chicago SRW wheat closed down 6 3/4 cents at $5.36 3/4 yesterday. Prices closed near the session low. Bears still have the overall near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at the November low of $5.07 1/2. Bulls' next upside price objective is to push and close March futures prices above solid technical resistance at $5.70 a bushel. First resistance is seen at this week's high of $5.48 and then at $5.52. First support lies at last week's low of $5.30 and then at $5.25. 

March K.C. HRW wheat closed down 7 1/2 cents at $5.26 1/2 yesterday. Prices closed near the session low. Bears still have the overall near-term technical advantage. Bulls' next upside price objective is pushing prices above solid technical resistance at $5.60. The bears' next downside objective is pushing and closing prices below solid technical support at the November low of $5.16. First resistance is seen at yesterday's high of $5.31 1/2 and then at this week's high of $5.39. First support is seen at yesterday's low of $5.26 and then at last week's low of $5.22 1/2. 

March oats closed up 1 1/4 cent at $2.60 yesterday. Prices closed near the session high. Bears still have the overall near-term technical advantage. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at $2.65. Bears' next downside price objective is pushing and closing prices below solid technical support at $2.50. First resistance lies at this week's high of $2.62 and then at $2.65. First support is seen at $2.57 1/2 and then at yesterday's low of $2.56 1/2.