Light noncommercial buying supported the market Wednesday. The December contract closed 0.19 higher while the March was up 0.30.

The December contract stabilized after posting bearish technical signals during TuesdayΆs sharp sell-off. The contract climbed back above technical price support at 85.08 cents per pound, a price that marks the 50% retracement level of the previous uptrend from 83.05 through the high of 87.l1. Initial technical resistance remains at 86.31.

Fundamentally the new-crop market remains bullish, despite the slight weakening of the inverse in the December to March futures spread. This spread continues to trade above the 1.50 cpb bushel mark, reflecting longer-term concern over tight supplies. Given the bullish commercial outlook the December contract could soon build enough support to push back to a test of resistance between 87.00 and 87.40.