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GRAINS 

December Corn closed down 1-cent at 3.76 1/2.

December corn closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 December extends the aforementioned decline, the 75% retracement level of the July-June-rally crossing at 3.71 is the next downside target. Closes above the 20-day moving average crossing at 3.91 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.85 1/2. Second resistance is the 20-day moving average crossing at 3.91 1/4. First support is last Friday's low crossing at 3.74. Second support is the 75% retracement level of the July-June-rally crossing at 3.71.

December wheat closed up 3 1/2-cents at 4.94 3/4.

December wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews the rally off May's low, February's high crossing at 5.18 1/2 is the next upside target. Closes below the 20-day moving average crossing at 4.85 3/4 would confirm that a short-term top has been posted. First resistance is last Tuesday's high crossing at 5.10 1/2. Second resistance is February's high crossing at 5.18 1/2. First support is the 20-day moving average crossing at 4.85 3/4. Second support is the 50-day moving average crossing at 4.75 1/4.

December Kansas City Wheat closed up 4 1/4-cents at 5.05 3/4.

December Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 4.98 would confirm that a short-term top has been posted. If December resumes this month's rally, February's high crossing at 5.31 is the next upside target. First resistance is last Monday's high crossing at 5.34 3/4. Second resistance is February's high crossing at 5.31. First support is the 20-day moving average crossing at 4.98. Second support is the 50-day moving average crossing at 4.85 1/4.

December Minneapolis wheat closed up 20 1/4-cents at 7.01.

December Minneapolis wheat closed higher on Wednesday as it extended this spring's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 7.24 3/4 is the next upside target. Closes below the 20-day moving average crossing at 6.32 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7.08 1/2. Second resistance is weekly resistance crossing at 7.24 3/4. First support is the 10-day moving average crossing at 6.60 1/2. Second support is the 20-day moving average crossing at 6.32 1/2.

SOYBEAN COMPLEX? 

November soybeans closed up 3 1/4-cents at 9.20 1/4.

November soybeans closed higher on Wednesday as it consolidated some of this year's decline. The mid-range close sets the stage for a steady opening when Thursday'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 50-day moving average crossing at 9.46 are needed to confirm that a low has been posted. If November extends the decline off February's high, last August's low crossing at 9.03 1/2 is the next downside target. First resistance is the 50-day moving average crossing at 9.46. Second resistance is May's high crossing at 9.80. First support is last Friday's low crossing at 9.07. Second support is last August's low crossing at 9.03 1/2.

December soybean meal closed up $1.80 at 299.60.

December soybean meal closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 304.70 would confirm that a short-term low has been posted. If December resumes the decline off May's high, the 75% retracement level of 2016's rally crossing at 288.70 is the next downside target. First resistance is the 20-day moving average crossing at 304.70. Second resistance is the 50-day moving average crossing at 310.50. First support the 75% retracement level of 2016's rally crossing at 288.70. Second support is the 87% retracement level of 2016's rally crossing at 279.70.

December soybean oil closed up 2-pts. at 32.56.

December soybean oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 32.69 would confirm that a short-term low has been posted. If December extends this month's decline, June's low crossing at 31.53 is the next downside target. First resistance is May's high crossing at 33.90. Second resistance is the reaction high crossing at 34.40. First support is last Friday's low crossing at 31.91. Second support is June's low crossing at 31.53.

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