The corn (ZCZ25) and winter wheat futures (KEZ25) (ZWZ25) markets sputtered late last week. December corn was down 4 1/4 cents for the week. December soft red winter wheat fell 6 1/4 cents on the week and December hard red winter wheat lost 5 1/4 cents for the week. Friday’s technically bearish weekly low close in December corn and the winter wheat futures markets puts the bulls on the defensive early this week.
A price uptrend on the daily chart for December corn may be rolling over, and bulls need to show fresh power soon to keep it alive. The December winter wheat futures markets late last week saw their price uptrends on the daily charts negated. Soybeans (ZSF26) fared better late last week, as January beans rose 9 1/2 cents on Friday, near the daily high and for the week were up 1 3/4 cents. December soybean meal (ZMZ25) on the week was down $4.50. For soy complex futures traders, the meal market is the one to watch most closely. As goes the meal futures market in the near term, so will likely go soybeans.
