Several Technical Indicators Remain in the Overbought Mode in December Corn
December Corn Futures
December 12 corn futures reached a high of $7.99 this past week which basically matched the 08 December contract high. The nearby support zone is now in the range of 7.55-58. Secondary support lies in a range between 6.75-6.85. Several technical indicators remain in the overbought mode however the parabolic indicator remains positive for now. It needs noted that the December 13 corn futures chart has shown some fracturing of the current uptrend.
November Soybean Futures
All time highs for soybeans were posted this past week as the August contract reached a high of $17.7775 on Friday. The November contract also scored a new contract high at $16.91. Near term support now lies at 16.13 followed by additional support in a chart gap at 15.68. Several technical indicators remain positive but in an overbought mode.
September Wheat Futures
This past week, September wheat futures have reached several previous upside objectives with only the 2011 contract high of 9.6325 remaining. However on the weekly chart the next resistance is at 9.80, 10.15, and then 12.22. Initial support now begins at 8.96 followed by a support zone just above $8.00. The market remains extremely overbought but it needs noted that just two years ago the September 2010 contract mounted a four dollar rally under different circumstances but in a very similar time frame.