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GRAINS 

December Corn was down a 1/2-cent at 3.48 1/2.

December corn was steady to fractionally lower overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below last Thursday's low crossing at 3.42 1/2, which marks the lower boundary of a two-month old trading range would open the door for a possible test of weekly support crossing at 3.32. If December resumes the rally off last Thursday's low, the 50-day moving average crossing at 3.54 1/2 is the next upside target. However, closes above the reaction high crossing at 3.62, which marks the upper boundary of the aforementioned trading range are needed to confirm an upside breakout of the trading range. First resistance is the 50-day moving average crossing at 3.54 1/2. Second resistance is the reaction high crossing at 3.62. First support is last Thursday's low crossing at 3.42 1/2. Second support is weekly support crossing at 3.32.

December wheat was up 1 1/4-cents at $4.34.

December wheat was higher overnight. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.42 1/2 are needed to confirm that a low has been posted. If December resumes the decline off September's high, August's low crossing at 4.22 1/2 is the next downside target. First resistance is September's high crossing at 4.62 3/4. Second resistance is the 25% retracement level of the July-August-decline crossing at 4.64 1/2. First support is September's low crossing at 4.28 1/4. Second support is August's low crossing at 4.22 1/2.

December Kansas City Wheat closed up 1 1/4-cents at 4.29 1/4.

December Kansas City wheat closed higher on Thursday while extending the trading range of the past two-months. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral signaling that sideways to lower prices are possible near-term. If December resumes the decline off September's high, August's low crossing at 4.20 is the next downside target. Closes above the 50-day moving average crossing at 4.41 would confirm that a short-term low has been posted. First resistance is September's high crossing at 4.60 1/4. Second resistance is the 25% retracement level of the July-August-decline crossing at 4.65. First support is last Friday's low crossing at 4.22 1/2. Second support is August's low crossing at 4.20.

December Minneapolis wheat was up 1-cent overnight at 6.16 3/4.

December Minneapolis wheat was higher overnight while extending the trading range of the past three-weeks. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 6.52 are needed to confirm that a low has been posted. If December extends the decline off July's high, the 87% retracement level of the April-July-rally crossing at 5.82 1/4 is the next downside target. First resistance is the reaction high crossing at 6.52. Second resistance is the reaction high crossing at 6.93 3/4. First support is the reaction low crossing at 6.06. Second support is the 87% retracement level of the April-July-rally crossing at 5.82 1/4.

SOYBEAN COMPLEX? 

November soybeans closed up 3-cents at 9.89 1/2.

November soybeans was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If November renews the rally off August's low, the 75% retracement level of the July-August-decline crossing at 10.16 is the next upside target. Closes below the 20-day moving average crossing at 9.73 1/2 would confirm that a short-term top has been posted. First resistance the 62% retracement level of the July-August-decline crossing at 9.99. Second resistance is the 75% retracement level of the July-August-decline crossing at 10.16. First support is the 20-day moving average crossing at 9.73 1/2. Second support is the 50-day moving average crossing at 9.60 3/4.

December soybean meal was up $0.40 at 321.80.

December soybean meal was steady to slightly higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 317.80 would confirm that a short-term top has been posted. If December renews the rally off August's low, the 75% retracement level of the July-August-decline crossing at 335.30 is the next upside target. First resistance is the 62% retracement level of the July-August-decline crossing at 328.20. Second resistance is the 75% retracement level of the July-August-decline crossing at 335.30. First support is the 10-day moving average crossing at 321.40. Second support is the 20-day moving average crossing at 317.80.

December soybean oil was up 25 pts. at 34.07.

December soybean oil was higher overnight as it renewed the rally off October's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 34.11 would open the door for additional short-term gains near-term. Closes below the 20-day moving average crossing at 33.29 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 34.11. Second resistance is the reaction high crossing at 35.05. First support is the reaction low crossing at 32.85. Second support is October's low crossing at 32.30. Third support is the 87% retracement level of the June-September-rally crossing at 32.11.

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