Market Commentary and Analysis

Trader's Blog

Why Banks Fail

1 hour, 48 minutes ago

2 Tech Stocks For The Long-Term

1 day ago

ETFs For Rising Consumer Debt

1 day ago

2 Small-Caps For Your Watchlist

3 days ago

The Port We Need In This Market Storm

4 days ago

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 https://quotes.ino.com/exchanges/?c=grains

May Corn closed up $0.11 1/4-cents at $6.43.

May corn closed higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at $6.57 is the next upside target. Closes below Wednesday's low crossing at $6.23 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $6.45. Second resistance is the 50-day moving average crossing at $6.57. First support is Wednesday's low crossing at $6.23 1/4. Second support is March's low crossing at $6.06 3/4.

May wheat closed up $0.26 1/2-cents at $6.88 1/2.

May wheat closed sharply higher on Friday due to short covering that was triggered by news that Russia will half shipments of wheat out of the Ukraine for the time being. The high-range close sets the stage for a steady to higher opening when Monday's 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 last-Friday's high crossing at $7.12 1/2 would confirm that a short-term low has been posted while opening the door for additional short-covering gains. If May extends the decline off February's high, the 87% retracement level of the 2020-2022 rally crossing at $6.32 is the next downside target. First resistance is last-Friday's high crossing at $7.12 1/2. Second resistance is the 50-day moving average crossing at $7.34 1/2. First support is Wednesday's low crossing at $6.54. Second support is the 87% retracement level of the 2020-2022 rally crossing at $6.32.

May Kansas City Wheat closed up $0.28 1/4-cents at $8.48.

May Kansas City wheat closed sharply higher on Friday and above the 50-day moving average crossing at $8.43 3/4 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's decline, February's high crossing at $9.09 3/4 is the next downside target. Closes below Wednesday's low crossing at $7.91 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $8.61 1/4. Second resistance is February's high crossing at $9.09 3/4. First support is Wednesday's low crossing at $7.91 1/4. Second support is March's low crossing at $7.72 1/2.

May Minneapolis wheat closed up $0.16 1/4-cents crossing at $8.57 1/2.

May Minneapolis wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, the 50-day moving average crossing at $8.86 1/2 is the next upside target. Closes below Wednesday's low crossing at $8.27 would confirm that a short-term top has been posted. First resistance is today's high crossing at $8.69 1/2. Second resistance is the 50-day moving average crossing at $8.86 1/2. First support is Wednesday's low crossing at $8.27. Second support is March's low crossing at $8.14.

SOYBEAN COMPLEXhttps://quotes.ino.com/exchanges/?c=grains"

May soybeans closed up $0.08 3/4-cents at $14.28 1/4.

May soybeans closed higher on Friday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Monday's day trade begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 62% retracement level of the 2022-2023 rally crossing at $13.94 1/2 is the next downside target. Closes above the 20-day moving average crossing at $14.89 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $14.69 1/4. Second resistance is the 20-day moving average crossing at $14.89 1/4. First support is today's low crossing at $14.05. Second support is the 62% retracement level of the 2022-2023 rally crossing at $13.94 1/2.

May soybean meal closed up $6.80 at $445.10.

May soybean meal closed higher on Friday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Monday's day 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 May extends this month's decline, the 38% retracement level of the 2021-2023 rally crossing at $430.80 is the next downside target. Closes above the 20-day moving average crossing at $472.50 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $463.70. Second resistance is the 50-day moving average crossing at $470.60. First support is today's low crossing at $435.00. Second support is the 38% retracement level of the 2021-2023 rally crossing at $430.80.

May soybean oil closed up 110-pts. At 52.27.

May soybean oil posted an inside day with a higher close on Friday as it consolidates some of the decline off last-November's high. The high-range close sets the stage for a steady to higher opening when Monday's day 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 May extends the decline off February's high, the 62% retracement level of the 2020-2022 rally crossing at 50.79 is the next downside target. Closes above the 20-day moving average crossing at 57.71 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 57.71. Second resistance is the 50-day moving average crossing at 60.00. First support is Thursday's low crossing at 51.28. Second support is the 62% retracement level of the 2020-2022 rally crossing at 50.79.

×

It’s not goodbye, it’s hello Magnifi!

You are now leaving a Magnifi Communities’ website and are going to a website that is not operated by Magnifi Communities. This website is operated by Magnifi LLC, an SEC registered investment adviser affiliated with Magnifi Communities.

Magnifi Communities does not endorse this website, its sponsor, or any of the policies, activities, products, or services offered on the site. We are not responsible for the content or availability of linked site.

Take Me To Magnifi