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GRAINS 

March Corn closed up 1-cent at 3.52 1/2.

March corn closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, weekly support crossing at 3.32 is the next downside target. Closes above the 50-day moving average crossing at 3.59 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.59. Second resistance is the reaction high crossing at 3.69 1/4. First support is November's low crossing at 3.48 3/4. Second support is weekly support crossing at 3.32.

March wheat closed down 3 1/2-cents at 4.18.

March wheat closed lower on Friday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off July's high, weekly support crossing at 4.11 1/4 is the next downside target. Closes above the 50-day moving average crossing at 4.45 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.45. Second resistance is the reaction high crossing at 4.60 3/4. First support is today's low crossing at 4.17 3/4. Second support is weekly support crossing at 4.11 1/4.

March Kansas City Wheat closed down 2 3/4-cents at 4.18.

March Kansas City wheat closed lower on Friday and posted a new contract low as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off September's high, weekly support crossing at 4.11 1/4 is the next downside target. Closes above the 50-day moving average crossing at 4.42 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.42 1/4. Second resistance is reaction high crossing at 4.56 1/2. First support is today's low crossing at 4.17 1/2. Second support is weekly support crossing at 4.11 1/4.

March Minneapolis wheat closed up a 1/4-cent at 6.11 1/4.

March Minneapolis wheat closed fractionally higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.33 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.33. Second resistance is November's high resistance crossing at 6.66. First support is today's low crossing at 6.08. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.

SOYBEAN COMPLEX? 

January soybeans closed down 1 1/4-cents at 9.90 3/4.

January soybeans closed lower on Friday as it extends this week's decline. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 9.88 1/4 would confirm that a short-term top has been posted. If January renews the rally off November's low, the reaction high crossing at 10.28 1/4 is the next upside target. First resistance is Tuesday's high crossing at 10.15. Second resistance is the reaction high crossing at 10.28 1/4. First support is the reaction low crossing at 9.85. Second support is November's low crossing at 9.67.

January soybean meal closed down $2.60 at 332.60.

January soybean meal closed lower on Friday as it consolidated some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 325.80 would confirm that a double top with July's high has been posted. If January extends the rally off November's low, July's high crossing at 349.70 is the next upside target. First resistance is Wednesday's high crossing at 348.20. Second resistance is July's high crossing at 349.70. First support is today's low crossing at 330.30. Second support is the 20-day moving average crossing at 325.80.

January soybean oil closed up 29-points at 33.62.

January soybean oil closed higher due to short covering on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 34.04 would confirm that a short-term low has been posted. If January extends the decline off November's high, October's low crossing at 32.47 is the next downside target. First resistance is the 10-day moving average crossing at 33.65. Second resistance is the 20-day moving average crossing at 34.04. First support is Thursday's low crossing at 32.80. Second support is October's low crossing at 32.47.

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