Prices May Break in the Near Future in December Corn
March Corn Futures
March corn futures eratic action continued within the past three week range boundaries of 6.20-6.50. Trendline resistance comes in at 6.54 followed by the January high of 6.64. Current support rests at 6.20.ch Corn Futures.
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December Corn Futures
The near term resistance is at 5.78 followed by 5.82. Trendline support is at 5.54 then 5.47. I am assuming that USDA acreage information either from the Ag Forum or the Planting Intentions report will cause prices to break out of this formation in the near future.
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March Soybean Futures
Last weeks warning signals on the March bean chart were negated this past week as prices moved above the late October swing high price of 12.62. If the rally continues, the next objective will be the October high of 12.90 which is also the 50% retracement objective measured from the August high to the December low. Initial support begins at 12.45 followed by a line of support near 12.15.
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November Soybean Futures
This weeks rally for November beans has completed a 50% retracement of the August to December decline. 12.91 is the next major resistance area. Initial support is now at 12.45.
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July Wheat Futures
This past week July futures bounced off of trendline support for the weeks low at 6.43 with near term resistance in the 6.65-70 range.
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