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March corn was lower due to profit taking overnight as it consolidates some of the rally off January's low. The low-range trade overnight sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are overbought and are poised to turn neutral to bearish with additional weakness signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $6.04 would signal that a short-term top has likely been posted. If March extends the rally off September's low, last-June high crossing at $6.33 is the next upside target. First resistance is last-June's high crossing at $6.33. Second resistance is last-May's high crossing at $6.40 1/2. First support is the 20-day moving average crossing at $6.04. Second support is the 50-day moving average crossing at $5.94 1/4.

March wheat was lower due to profit taking overnight as it consolidates some of the rally off January's low. Overnight trading sets the stage for a lower 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 March extends the rally off January's low, November's high crossing at $8.74 3/4 is the next upside target. Closes below the 20-day moving average crossing at $7.73 1/4 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $8.31 1/2. Second resistance is November's high crossing at 8.74 3/4. First support is the 50-day moving average crossing at $7.93 3/4. Second support is the 20-day moving average crossing at $7.73 1/4.

March Kansas City wheat was lower due to profit taking overnight as it consolidates some of the rally off January's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at $8.71 is the next upside target. Closes below the 10-day moving average crossing at $7.91 3/4 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $8.49 1/4. Second resistance is December's high crossing at $8.71. First support is the 10-day moving average crossing at $7.91 3/4. Second support is the 50% retracement level of the July-November rally crossing at $7.46 3/4.

March Minneapolis wheat was sharply lower due to profit taking overnight as it consolidates some of the rally off January's low. Overnight trading sets the stage for a sharply lower 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 Tuesday's high crossing at $9.65 would confirm that a short-term low has been posted while opening the door for additional short-term gains. Closes below the 10-day moving average crossing at $9.24 1/2 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $9.65. Second resistance is the 50-day moving average crossing at $9.91 3/4. First support is the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2. Second support is the September 10th low crossing at $8.51.

SOYBEAN COMPLEX? 

March soybeans was steady to 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 diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at $13.82 1/2 would signal that a short-term top has been posted. If March extends the rally off November's low, last-June's high crossing at $14.45 1/2 is the next upside target. First resistance is last-Thursday's high crossing at $14.29 1/2. Second resistance is last-June's high crossing at $14.45 1/2. First support is last-Tuesday's low crossing at $13.49 3/4. Second support is the December 30th low crossing at $13.34 1/2.

March soybean meal was steady to slightly higher overnight. Overnight trading 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 January's high, the 50-day moving average crossing at $381.60 is the next downside target. Closes above the 20-day moving average crossing at $405.30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $405.30. Second resistance is January's high crossing at $431.80. First support is the 50-day moving average crossing at $381.60. Second support is the 50% retracement level of the October-January rally crossing at $373.00.

March soybean oil was steady to higher overnight as it consolidates some of Monday's loss. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, last-June's high crossing at 64.68 is the next upside target. Closes below the 20-day moving average crossing at 59.38 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 63.74. Second resistance is last-June's high crossing at 64.68. First support is the 10-day moving average crossing at 60.92. Second support is the 20-day moving average crossing at 59.38.