S&P 500
2430.01
-38.10 -1.57%
Dow Indu
21750.73
-274.14 -1.26%
Nasdaq
6223.55
-121.56 -1.95%
Crude Oil
47.37
+0.13 +0.28%
Gold
1296.91
+8.98 +0.70%
Euro
1.175915
+0.002595 +0.22%
US Dollar
93.482
-0.188 -0.20%
Weak

Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

GRAINS 

December Corn closed down 2 1/2-cents at 3.64.

December corn closed lower on Thursday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Friday'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 decline off July's high, last August's low crossing at 3.58 1/2 is the next downside target. Closes above the 20-day moving average crossing at 3.80 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.80 1/2. Second resistance is the 50-day moving average crossing at 3.88 1/2. First support is Wednesday's low crossing at 3.63 1/4. Second support is last August's low crossing at 3.58 1/2.

December wheat closed down 5 1/4-cents at 4.41 3/4.

December wheat closed lower on Thursday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Friday'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 decline off July's high, weekly support crossing at 4.34 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.85 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.69. Second resistance is the 20-day moving average crossing at 4.85 1/2. First support is today's low crossing at 4.38 3/4. Second support is weekly support crossing at 4.34 1/2.

December Kansas City Wheat closed down 5-cents at 4.42.

December Kansas City wheat closed lower on Thursday and posted a new contract low as it extended the decline off July's high. The low-range close sets the stage for a steady to lower opening on Friday. 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, weekly support crossing at 4.11 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.87 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.71 1/4. Second resistance is the 20-day moving average crossing at 4.87. First support is today's low crossing at 4.41. Second support is weekly support crossing at 4.11 1/4.

December Minneapolis wheat closed down a 1/2-cent at 6.84 1/4.

December Minneapolis wheat closed lower on Thursday. The mid-range close sets the stage for a steady opening when Friday'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 7.25 3/4 would confirm that a short-term low has been posted. If December extends the decline off July's high, the 75% retracement level of the April-July-rally crossing at 6.18 1/2 is the next downside target. First resistance is the 10-day moving average crossing at 7.08 1/4. Second resistance is the 20-day moving average crossing at 7.25 3/4. First support is Monday's low crossing at 6.52 1/2. Second support is the 75% retracement level of the April-July-rally crossing at 6.18 1/2.

SOYBEAN COMPLEX? 

November soybeans closed up 8 1/2-cents at 9.33 3/4.

November soybeans closed higher due to short covering on Thursday as it consolidates some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Friday'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. Closes above the 20-day moving average crossing at 9.72 would confirm that a low has been posted. If November extends the decline off July's high, June's low crossing at 9.07 is the next downside target. First resistance is the 10-day moving average crossing at 9.48. Second resistance is the 20-day moving average crossing at 9.72. First support is the 87% retracement level of the June-July-rally crossing at 9.25. Second support is June's low crossing at 9.07.

December soybean meal closed up $2.70 at 300.80.

December soybean meal closed higher on Thursday as it consolidated some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening when Friday'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 decline off July's high, June's low crossing at 295.40 is the next downside target. Closes above the 20-day moving average crossing at 315.00 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 305.70. Second resistance is the 20-day moving average crossing at 315.00. First support Wednesday's low crossing at 297.40. Second support is June's low crossing at 295.40.

December soybean oil closed up 33-pts. at 33.51.

December soybean oil closed higher on Thursday as it consolidates some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Friday'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 decline off July's high, July's low crossing at 32.48 is the next downside target. Closes above the 20-day moving average crossing at 34.10 would temper the near-term bearish outlook. First resistance is last Thursday's high crossing at 35.15. Second resistance is July's high crossing at 35.58. First support is July's low crossing at 32.48. Second support is the reaction low crossing at 31.91.

© Copyright INO.com, Inc. All Rights Reserved.