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May corn was lower overnight. The low-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off April's low, the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36 is the next upside target. If May resumes the decline off February's high, the 25% retracement level of the August-February-rally crossing at $5.14 is the next downside target. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36. First support is the February 11th low crossing at $5.23 1/4. Second support is the the 25% retracement level of the August-February-rally crossing at $5.14.

May wheat was lower overnight as it consolidates some of the rally off February's low. The mid-range close sets the stage for a steady to 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 May extends the rally off February's low, January's high crossing at $6.93 is the next upside target. Closes below the 50-day moving average crossing at $6.45 1/2 would confirm that an important top has likely been posted. First resistance is Wednesday's high crossing at $6.88 1/2. Second resistance is January's high crossing at $6.93. First support is the 20-day moving average crossing at $6.56. Second support is the 50-day moving average crossing at $6.45 1/2.

May Kansas City wheat was lower overnight as it consolidates some of Wednesday's rally. The high-range close sets the stage for a steady to slightly 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 May extends the rally off February's low, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.36 would signal that a short-term top has likely been posted. First resistance is Wednesday's high crossing at $6.64. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is the 20-day moving average crossing at $6.36. Second support is the 50-day moving average crossing at $6.18 1/4.

May Minneapolis wheat was lower overnight as it consolidates some of the rally off February's low. The high-range close sets the stage for a steady to slightly 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 May extends the rally off February's low, January's high crossing at $6.62 is the next upside target. Closes below the 20-day moving average crossing at $6.38 1/2 would temper the near-term friendly outlook. First resistance is Wednesday's high crossing at $6.58 3/4. Second resistance is January's high crossing at $6.62. First support is the 20-day moving average crossing at $6.38 1/2. Second support is the 50-day moving average at crossing at $6.21 3/4.

SOYBEAN COMPLEX? 

May soybeans were higher overnight spiked to a new contract high. The high-range close 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 May extends the rally above January's high crossing at $14.33 thereby renewing the rally off last-April's high, the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/2 on the monthly continuation chart is the next upside target. Closes below the 20-day moving average crossing at $13.79 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $14.45 3/4. Second resistance is the 75% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $15.39 1/2. First support is the 20-day moving average crossing at $13.79 3/4. Second support is the 50-day moving average crossing at $13.40 3/4.

May soybean meal was steady to higher overnight trading as it extends the trading range of the past five-weeks. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the February 9th high crossing at $442.10 would mark an upside breakout of the aforementioned trading range. Closes below the January 25th low crossing at $413.40 would confirm a downside breakout of the aforementioned trading range while opening the door for a possible test of the 38% retracement level of August-January rally crossing at $396.90. First resistance is the February 9th high crossing at $442.10. Second resistance is January's high crossing at $463.60. First support is the February 11th low crossing at $418.30. Second support is the 38% retracement level of the August-January rally crossing at $396.90.

May soybean oil was higher overnight as it extends the rally off last-April's low. The high-range close sets the stage for a steady to higher 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 May extends the rally off October's low, the 62% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 53.45 is the next upside target. Closes below the 20-day moving average crossing at 45.80 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 50.82. Second resistance is the 62% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 53.45. First support is the 10-day moving average crossing at 47.26. Second support is the 20-day moving average crossing at 45.80.