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

March Corn closed up $0.01 1/2-cents at 3.89.

March corn closed higher on Wednesday as it extends the December-January trading range. The mid-range close sets the stage for a steady to higher opening when Thursday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at $3.92 are needed to renew the rally off December's low while opening the door for a possible test of November's high crossing at $4.00. Closes below last-Thursday's low would open the door for a possible test of December's low crossing at $3.71. First resistance is the reaction high crossing at $3.92. Second resistance is November's high crossing at $4.00. First support is last-Thursday's low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.

March wheat closed down $0.04 1/4-cents at $5.77 1/4.

March wheat posted a downside reversal and closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 87% retracement level of the 2018-2019-decline crossing at $6.13 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.60 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2018-2019-decline crossing at $5.92 1/4. Second resistance is the 87% retracement level of the 2018-2019-decline crossing at $6.13 3/4. First support is the 20-day moving average crossing at $5.60. Second support is the 50-day moving average crossing at $5.39 3/4.

March Kansas City Wheat closed down $0.07 1/2-cents at $4.92 1/2.

March Kansas City wheat posted a downside reversal on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 75% retracement level of the June-September-decline crossing at $5.08 is the next upside target. Closes below the 20-day moving average crossing at $4.83 1/2 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at $5.04 3/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the 20-day moving average crossing at $4.83 1/2. Second support is the 50-day moving average crossing at $4.57 1/4.

March Minneapolis wheat closed down $0.08 3/4-cents at $5.55 1/2.

March Minneapolis wheat posted a key reversal down on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, October's high crossing at $5.71 1/4 is the next upside target. Closes below the 20-day moving average crossing at $5.52 1/2 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at $5.62 3/4. Second resistance is October's high crossing at $5.71 1/4. First support is the 20-day moving average crossing at $5.52 1/2. Second support is the 50-day moving average crossing at 5.34.

SOYBEAN COMPLEX? 

March soybeans closed down $0.02-cents at $9.14.

March soybeans closed lower on Wednesday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 this month's decline, the December 12th low crossing at $9.02 1/2 is the next downside target. Closes above the 20-day moving average crossing at $9.39 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.33. Second resistance is the 20-day moving average crossing at 9.39 3/4. First support is today's low crossing at $9.13 1/4. Second support is the December 12th low crossing at $9.02 1/2.

March soybean meal closed down $1.10 at $298.00.

March soybean meal closed lower on Wednesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 this month's decline, the December 12th low crossing at $297.40 is the next downside target. Closes above the December 18th high crossing at $307.90 are needed to renew the rally off December's low. First resistance is the December 18th high crossing at $307.90. Second resistance is November's high crossing at $312.70. First support is the December 12th low crossing at $297.40. Second support is December's low crossing at $296.20.

March soybean oil closed up 30-pts. at 33.05.

March soybean oil posted an inside day with a higher close on Wednesday and above the 50-day moving average crossing at 32.75. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 this month's decline, the reaction low crossing at 31.62 is the next downside target. Closes above the 20-day moving average crossing at 34.23 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 34.23. Second resistance is January's high crossing at 35.67. First support is Tuesday's low crossing at 32.59. Second support is the reaction low crossing at 31.62.