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GRAINS 

March Corn closed down a 1/2-cent at 3.67 1/4.

March corn closed fractionally lower on Friday as it consolidates above the 25% retracement level of the July-January-decline crossing at 3.65 1/2. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, last September's high crossing at 3.74 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.61 1/4 would confirm that a short-term top has been posted. First resistance is last September's high crossing at 3.74 1/2. Second resistance is the 38% retracement level of the July-January-decline crossing at 3.76 1/4. First support is the 20-day moving average crossing at 3.61 1/4. Second support is the reaction low crossing at 3.56 1/4.

March wheat closed down 3 3/4-cents at 4.58.

March wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, last September's high crossing at 4.82 is the next upside target. Closes below the 20-day moving average crossing at 4.48 1/4 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 4.67 1/4. Second resistance is September's high crossing at 4.82. First support is the 20-day moving average crossing at 4.48 1/4. Second support is the reaction low crossing at 4.38 3/4.

March Kansas City Wheat closed up a 1/2-cents at 4.78 1/2.

March Kansas City wheat closed fractionally higher on Friday as it extends the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.60 1/2 are needed to confirm that a short-term top has been posted. If March extends the rally off December's high, the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First resistance is last Thursday's high crossing at 4.84 1/2. Second resistance is the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First support is the 20-day moving average crossing at 4.60 1/2. Second support is the reaction low crossing at 4.54 1/2.

March Minneapolis wheat closed down 3 1/4-cents at 6.05 1/4.

March Minneapolis wheat closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 6.13 1/2 are needed to confirm that a low has been posted. If March extends the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. First resistance is the reaction high crossing at 6.21 1/2. Second resistance is January's high crossing at 6.34 1/2. First support is Wednesday's low crossing at 5.99 1/2. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.

SOYBEAN COMPLEX? 

March soybeans closed down 2 3/4-cents at 10.21 1/2.

March soybeans closed lower on Friday after spiking above December's high crossing at 10.27. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, last July's high crossing at 10.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 9.93 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.28 1/4. Second resistance is last July's high crossing at 10.50 1/2. First support is the 20-day moving average crossing at 9.93 3/4. Second support is February's low crossing at 9.67 3/4.

March soybean meal closed up $0.40 at 374.10.

March soybean meal closed higher on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, weekly resistance crossing at 397.30 is the next upside target. Closes below Monday's gap crossing at 344.80 would confirm a short-term top has been posted. First resistance is weekly resistance crossing at 378.80. Second resistance is weekly resistance crossing at 397.30. First support is the 10-day moving average crossing at 352.20. Second support is Monday's gap crossing at 344.80.

March soybean oil closed down 21 pts. At 31.49.

March soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 January's high, the July-2016 low crossing at 31.19 is the next downside target. Closes above the 20-day moving average crossing at 32.40 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 32.40. Second resistance is the 50-day moving average crossing at 32.91. First support is Tuesday's low crossing at 31.40. Second support is the July-2016 low crossing at 31.19.

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