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Market Commentary

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INO.com’s Daily Market Analysis

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GRAINS

July corn was higher overnight. The high-range trade overnight 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 sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.95 1/2 would open the door for a possible test of the late-April low crossing at 3.85 1/4. If July extends the rally off March's low, the 75% retracement level of the July-January-decline crossing at 4.16 1/4 is the next upside target. First resistance is Thursday's high crossing at 4.12 1/4. Second resistance is the 75% retracement level of the July-January-decline crossing at 4.16 1/4. First support is the 10-day moving average crossing at 4.01 3/4. Second support is the 50-day moving average crossing at 3.95 1/2.

July wheat was higher overnight as it extends the rally off May's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 75% retracement level of the July-December-decline crossing at 5.66 1/4 is the next upside target. Closes below the 10-day moving average crossing at 5.12 1/2 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the July-December-decline crossing at 5.43 3/4. Second resistance is the 75% retracement level of the July-December-decline crossing at 5.66 1/2. First support is the 10-day moving average crossing at 5.12 1/2. Second support is the 50-day moving average crossing at 4.95.

July Kansas City Wheat closed down 2 3/4-cents at 5.49.

July Kansas City wheat closed lower due to profit taking on Thursday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, May's high crossing at 5.57 3/4 is the next upside target. Closes below the 50-day moving average crossing at 5.18 1/2 would confirm that a short-term top has been posted. First resistance is May's high crossing at 5.67 3/4. Second resistance is the 75% retracement level of the July-December-decline crossing at 5.77. First support is May's low crossing at 5.02 1/2. Second support is the reaction low crossing at 4.94 3/4.

July Minneapolis wheat was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 July extends the rally off May's low, last-November's high crossing at 6.69 3/4 is the next upside target. Closes below the 50-day moving average crossing at 6.13 1/2 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 6.51. Second resistance is last-November's high crossing at 6.69 3/4. First support is the 50-day moving average crossing at 6.13 1/2. Second support is May's low crossing at 5.99 1/2.

SOYBEAN COMPLEX? 

July soybeans was higher overnight as it extends the rally off last Thursday's low. The high-range overnight 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 a low might be in or is near. If July extends the rally off May's low, the late-April high crossing at 10.67 1/2 is the next upside target. Closes below the 10-day moving average crossing at 10.19 1/4 would confirm that a short-term top has been posted. First resistance is the late-April high crossing at 10.67 1/2. Second resistance is April's high crossing at 10.78. First support is Monday's gap crossing at 10.07 3/4. Second support is May's low crossing at 9.92 1/2.

July soybean meal was higher overnight. The mid-range overnight trade 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. Closes above the 20-day moving average crossing at 384.80 are needed to confirm that a short-term top has been posted. If July renews this month's decline, April's low crossing at 367.00 is the next downside target. First resistance is the reaction high crossing at 391.90. Second resistance is May's high crossing at 406.50. First support is the late-April low crossing at 373.80. Second support is April's low crossing at 367.00.

July soybean oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 31.05 would confirm that a short-term top has been posted. If July extends the rally off May's low, the reaction high crossing at 32.19 is the next upside target. First resistance is the reaction high crossing at 32.19. Second resistance is the reaction high crossing at 33.00. First support is May's low crossing at 30.15. Second support is the 87% retracement level of the 2015-2016-rally crossing at 29.35.

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