March corn futures closed down 2 cents at $6.42 1/4 yesterday. Prices closed near mid-range yesterday. Losses were limited by bhe key "outside markets" turning bullish for corn yesterday, as the U.S. dollar index weakened and crude oil prices rallied around mid-morning. Corn bulls and bears are on a level near-term technical playing field. Traders are awaiting Thursday morning's USDA world supply and demand report. Corn bulls' next upside price breakout objective is to push and close prices above solid technical resistance at last week's high of $6.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $6.25. First resistance for March corn is seen at yesterday's high of $6.45 and then at this week's high of $6.48 1/2. First support is seen at yesterday's low of $6.39 1/4 and then at $6.35.

Wyckoff's Market Rating: 5.0

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March soybeans closed down 1 cent at $12.32 a bushel yesterday. Prices closed near mid-range again yesterday. Losses were limited by the key "outside markets" turning bullish for beans yesterday, as the U.S. dollar index weakened and crude oil prices rallied around mid-morning. Traders are awaiting Thursday morning's USDA world supply and demand report. Soybean bulls have the slight near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the January high of $12.44 3/4 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below technical support at last week's low of $11.84 1/4. First resistance is seen at $12.44 3/4 and then at $12.50. First support is seen at yesterday's low of $12.27 and then at $12.20.

Wyckoff's Market Rating: 5.5.

March soybean meal closed down $2.10 at $325.40 yesterday. Prices closed nearer the session low yesterday. Bulls have the slight near-term technical advantage in meal. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the October high of $335.10. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $312.70. First resistance comes in at yesterday's high of $328.70 and then at this week's high of $331.00. First support is seen at yesterday's low of $325.00 and then at $322.50.

Wyckoff's Market Rating: 5.5

March bean oil closed up 1 point at 52.17 cents yesterday. Prices closed nearer the session high yesterday and closed at a fresh four-week high close. Bean oil bulls and bears are on a level near-term technical playing field now, but the bulls have gained some fresh upside momentum recently. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the January high of 53.79 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 50.00 cents. First resistance is seen at yesterday's high of 52.38 cents and then at 52.70 cents. First support is seen at 52.00 cents and then at yesterday's low of 51.76 cents.

Wyckoff's Market Rating: 5.0

March Chicago SRW wheat closed down 6 1/4 cents at $6.62 1/4 yesterday. Prices closed near mid-range yesterday and scored a mildly bearish "outside day" down on the daily bar chart. Traders are awaiting Thursday morning's USDA world supply and demand report. Wheat bulls still have the slight near- term technical advantage. Bulls' next upside price breakout objective is to push and close Chicago SRW prices above psychological resistance at $7.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week's low of $6.35 1/4. First resistance is seen at yesterday's high of $6.72 and then at last week's high of $6.83 3/4. First support lies at yesterday's low of $6.55 1/4 and then at $6.50.

Wyckoff's Market Rating: 5.5.

March K.C. HRW wheat closed down 7 cents at $7.12 yesterday. Prices closed nearer the session low yesterday. Bulls still have the slight near-term technical advantage. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.50. The bears' next downside breakout objective is pushing and closing prices below psychological support at $7.00. First resistance is seen at this week's high of $7.21 3/4 and then at last week's high of $7.32. First support is seen at yesterday's low of $7.09 and then at $7.00.

Wyckoff's Market Rating: 5.5

March oats closed up 3/4 cent at $3.27 3/4 yesterday. Prices closed nearer the session high yesterday and closed at a fresh three-month high close. Price action in oats Monday produced a bullish upside "breakout" from a choppy and sideways trading range on the daily bar chart. This could have bullish implications for the major grains. Oats bulls now have the slight overall near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below major psychological support at $3.00. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.50. First support lies at $3.25 and then at yesterday's low of $3.22 1/4. First resistance is seen at $3.30 and then at this week's high of $3.34.

Wyckoff's Market Rating: 5.5

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Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years.  He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies.  He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.