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March corn was steady to fractionally lower overnight as it extends this week's trading range. The mid-range trade overnight sets the stage for a steady to higher opening when the 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 March extends the decline off October's high, September's low crossing at 3.65 3/4 is the next downside target. Closes above the 50-day moving average crossing at 3.92 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 3.92. Second resistance is the 38% retracement level of the June-September-decline crossing at 4.07 3/4. First support is Thursday's low crossing at 3.76 3/4. Second support is September low crossing at 3.65 3/4.

March 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, October's high crossing at 5.37 is the next upside target. Closes below Monday's low crossing at 5.04 would confirm that a short-term low has been posted. First resistance is October's high crossing at 5.37. Second resistance is the 75% retracement level of the June-September-decline crossing at 5.41. First support is Monday's low crossing at 5.04. Second support is October's low crossing at 4.90 3/4.

March Kansas City Wheat closed down 4 1/2-cents at 4.28 1/2.

March Kansas City wheat closed lower on Thursday while extending the August-November trading range. The low-range close sets the stage for a steady to lower opening when Friday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, the 50% retracement level of the June-September-decline crossing at 4.70 3/4 is the next upside target. Closes below Monday's low crossing at 4.23 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-September-decline crossing at 4.53 1/4. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.70 3/4. First support is Monday's low crossing at 4.23. Second support is October's low crossing at 4.13 1/2.

March 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, September's low crossing at 5.00 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.31 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 5.31. Second resistance is October 24th high crossing at 5.63. First support is the overnight low crossing at 5.09. Second support is September's low crossing at 5.00 1/4.

SOYBEAN COMPLEX? 

January soybeans were lower in overnight trading as it extends the decline off October's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the 75% retracement level of the September-October-rally crossing at 8.88 1/4 is the next downside target. Closes above the 20-day moving average crossing at 9.22 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 9.22 1/4. Second resistance is November's high crossing at 9.41. First support is the 62% retracement level of the September-October-rally crossing at 9.00 3/4. Second support is the 75% retracement level of the September-October-rally crossing at 8.88 1/4.

January soybean meal 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the September 27th low crossing at 296.30 is the next downside target. Closes above the reaction high crossing at 309.00 would temper the near-term bearish outlook. First resistance is the 50% retracement level crossing at 315.50. Second resistance is the 62% retracement level of the June-September decline crossing at 320.70. First support is November's low crossing at 300.80. Second support is the September 27th low crossing at 296.30.

March soybean oil 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-week's low, November's high crossing at 32.44. If March resumes the decline off November's high, the 50-day moving average crossing at 30.85 is the next downside target. First resistance is November's high crossing at 32.44. Second resistance is February's high crossing at 32.45. First support is the 50-day moving average crossing at 30.85. Second support is the reaction low crossing at 30.04.