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

Grains: March corn was steady to slightly higher overnight. Overnight trading sets the stage for a steady to slightly higher opening when the day sessions 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, the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.50 3/4 is the next downside target. Closes above the 50-day moving average crossing at $4.94 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $4.94 1/2. Second resistance is October's high crossing at $5.21 1/2. First support is the August-2023 low on the weekly continuation chart crossing at $4.59. Second support is the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.50 3/4.

March wheat was lower overnight as it consolidates some of the rally off Monday's low. Overnight trading sets the stage for a 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 the 50-day moving average crossing at $5.96 1/4 would signal that a short-term low has been posted. If March extends the decline off the November 8th high, psychological support crossing at $5.50 is the next downside target. First resistance is the 20-day moving average crossing at $5.88 3/4. Second resistance is the 50-day moving average crossing at $5.96 1/4. First support is Monday's low crossing at $5.56 1/4. Second support is psychological support crossing at $5.50.

March Kansas City wheat was lower overnight as it consolidates some of this week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.37 3/4 would temper the near-term bearish outlook. If March extends this year's decline, the July-2021 low on the monthly continuation chart crossing at $5.78 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $6.37 3/4. Second resistance is the 50-day moving average crossing at $6.64 1/4. First support is Tuesday's low crossing at $5.95. Second support is the July-2021 low on the monthly continuation chart crossing at $5.78 1/4.

March Minneapolis wheat was steady to slightly lower overnight and sets the stage for a steady to slightly 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 the 20-day moving average crossing at $7.33 1/2 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If March renews this month's decline, the May-2021 low on the monthly continuation chart crossing at $6.68 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $7.33 1/2. Second resistance is the 50-day moving average crossing at $7.44 1/2. First support is Monday's low crossing at $6.97 1/2. Second support is the May-2021 low on the monthly continuation chart crossing at $6.68 3/4.

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

January soybeans were slightly low overnight and sets the stage for a lower 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 $13.56 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $13.26 1/4 would open the door for additional weakness near-term. First resistance is the November 15th high crossing at $13.98 1/2. Second resistance is August's high crossing at $14.20. First support is the 50-day moving average crossing at $13.26 1/4. Second support is the October 25th low crossing at $12.97 1/2.

January soybean meal was slightly lower overnight as it extends the decline off November's high. Overnight trading sets the stage for a slightly 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. Closes below the November 20th low crossing at $425.10 would signal a short-term trend change is taking place while opening the door for additional weakness near-term. If January renews the rally off October's low, the 75% retracement level of the 2012-2016 decline on the weekly continuation chart crossing at $478.80 is the next upside target. First resistance is the 75% retracement level of the 2012-2016 rally on the weekly continuation chart crossing at $478.80. Second resistance is the February-2023 high on the weekly continuation chart crossing at $508.20. First support is the November 20th low crossing at $425.10. Second support is the October 31st low crossing at $410.60.

January soybean oil was steady to slightly higher overnight. Overnight trading sets the stage for a slightly 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. Closes above last-Wednesday's high crossing at 53.70 would open the door for a possible test of the October 16th high crossing at 55.40. Closes below Monday's low would open the door for a possible test of November's low crossing at 48.53. First resistance is last-Wednesday's high crossing at 53.70. Second resistance is the October 16th high crossing at 55.40. First support is Monday's low crossing at 50.09. Second support is November's low crossing at 48.53.