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

March Corn closed up a $0.00 1/2-cent at $4.48 1/4.

March corn closed fractionally higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $4.51 would signal that a short-term low has been posted. If March resumes this year's decline, the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.30 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $4.51. Second resistance is the 50-day moving average crossing at $4.68 1/4. First support is Tuesday's low crossing at $4.36 1/2. Second support is the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.30 3/4.

March wheat closed down $0.10 1/4-cents at $5.95 1/4.

March wheat posted an inside day with a lower close on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, November's low crossing at $5.56 1/4 is the next downside target. Closes above the 25% retracement level of the July-November decline crossing at $6.19 1/2 would open the door for additional gains near-term. First resistance is the 25% retracement level of the July-November decline crossing at $6.19 1/2. Second resistance is the December 26th high crossing at $6.39 3/4. First support is last-Thursday's low crossing at $5.95 1/4. Second support is November's low crossing at $5.56 1/4.

March Kansas City Wheat closed down $0.08 3/4-cents at $6.22.

March Kansas City wheat posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, psychological crossing at $5.75 is the next downside target. If March extends the rally off January's low, the December 29th high crossing at $6.48 1/2 is the next upside target. First resistance is last-Friday's high crossing at $6.41. Second resistance is the December 29th high crossing at $6.48 1/2. First support is the January 18th low crossing at $5.86 3/4. Second support is psychological support crossing at $5.75.

March Minneapolis wheat closed down $0.07 1/2-cents crossing at $6.92 1/4.

March Minneapolis wheat closed lower on Wednesday. The low-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, the May-2021 low on the weekly continuation chart crossing at $6.68 3/4 is the next downside target. Closes above the 50-day moving average crossing at $7.14 1/4 would signal that a low has been posted. First resistance is the 50-day moving average crossing at $7.14 1/4. Second resistance is the December 26th high crossing at $7.31 3/4. First support is the January 18th low crossing at $6.78 3/4. Second support is the May-2021 low on the weekly continuation chart crossing at $6.68 3/4.

SOYBEAN COMPLEX�https://quotes.ino.com/exchanges/?c=grains�"

March soybeans closed up $0.03 1/2-cents at $12.22 1/4.

March soybeans closed higher on Wednesday following Tuesday's key reversal up that signals that a short-term low might have been posted with Tuesday's low. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $12.47 1/2 would signal that a short-term low has been posted. If March extends the decline off November's high, the 87% retracement level of the May-July rally crossing at $11.82 1/4 is the next downside target. First resistance is last-Thursday's high crossing at $12.47 1/2. Second resistance is the January 2nd gap crossing at $12.96 3/4. First support is Tuesday's low crossing at $11.87 3/4. Second support is the 87% retracement level of the May-July rally crossing at $11.82 1/4.

March soybean meal closed up $5.30 at $368.30

March soybean meal closed higher on Wednesday due to short covering but not before posting a new low for the year. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $363.60 would signal that a low has been posted. If March renews the decline off November's high, the December-2021 low crossing at $336.80 is the next downside target. First resistance is the January 17th crossing at $373.60. Second resistance is the 50-day moving average crossing at $387.40. First support is Monday's low crossing at $346.20. Second support is the December-2021 low crossing at $336.80.

March soybean oil closed up 2-pts. at 46.02.

March soybean oil closed slightly higher on Wednesday as it consolidated some of Monday's loss. The high-range close sets the stage for a steady to higher opening when Thursday'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 March extends the decline off November's high, last-May's low crossing at 44.49 is the next downside target. Closes above last-Tuesday's high crossing at 48.65 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 48.65. Second resistance is the 50-day moving average crossing at 49.26. First support is Tuesday's low crossing at 44.89. Second support is last-May's low crossing at 44.49.

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