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December Corn closed down $0.07 1/2-cents at $3.53.

December corn closed lower on Thursday as it consolidated some of this week's gains ahead of the July 4th holiday. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are overbought but remain remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 50% retracement level of the January-June decline crossing at $3.73 is the next upside target. Closes below the 50-day moving average crossing at $3.37 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.63. Second resistance is the 50% retracement level of the January-June decline crossing at $3.73. First support is the 50-day moving average crossing at $3.37 1/2. Second support is last-Friday's low crossing at $3.13 1/2.

December wheat closed up $0.06 1/4-cents at $4.99 3/4.

December wheat closed lower on Thursday as it consolidates some of this week's rally. The low-range close sets the stage for a steady to higher opening when Monday's night 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 $5.05 3/4 are needed to confirm that a short-term low has been posted. If December renews this year's decline, weekly support crossing at $4.60 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $5.05 3/4. Second resistance is the 50-day moving average crossing at $5.18 3/4. First support is last-Friday's low crossing at $4.79 1/2. Second support is weekly support crossing at $4.60 1/4.

December Kansas City Wheat closed down $0.08 1/4-cents at $4.46 3/4.

December Kansas City wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Monday night 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 $4.59 1/2 would signal that a short-term low has been posted. If December resumes this year's decline, weekly support crossing at $4.12 is the next downside target. First resistance is the 20-day moving average crossing at $4.59 1/2. Second resistance is the 50-day moving average crossing at $4.75. First support is last-Friday's low crossing at $4.37 1/4. Second support is weekly support crossing at $4.12.

December Minneapolis wheat closed down $0.06 3/4-cents at $5.23 1/2.

December Minneapolis wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Monday's night 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 50-day moving average crossing at $5.38 1/4 are needed to confirm that a short-term low has been posted. If December resumes the decline off June's high, weekly support crossing at $5.15 1/2 is the next downside target. First resistance is the June 18th high crossing at $5.49. Second resistance is June's high crossing at $5.54 1/4. First support is Monday's low crossing at $5.22 1/4. Second support is weekly support crossing at $5.15 1/2.

SOYBEAN COMPLEX? 

November soybeans closed down $0.01 3/4-cents at $8.97 1/4.

November soybeans closed lower on Thursday as it consolidates this week's rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off April's low, the 50% retracement level of the December-April-decline crossing at $9.06 1/2 is the next upside target. Multiple closes below the 50-day moving average crossing at $8.61 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $9.03. Second resistance is the 50% retracement level of the December-April-decline crossing at $9.06 1/2. First support is the 50-day moving average crossing at $8.61 1/4. Second support is June's low crossing at $8.45 3/4.

December soybean meal closed down $0.50 at $304.10.

December soybean meal posted an inside day with a lower close on Thursday as it consolidates some of this week's gains. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 50% retracement level of the 2019-2020-decline crossing at $312.30 is the next upside target. Closes below the 50-day moving average crossing at $294.80 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the 2019-2020-decline crossing at $306.50. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $312.30. First support is the 50-day moving average crossing at $294.80. Second support is Monday's low crossing at $287.50.

December soybean oil closed down 32-pts. At 28.69.

December soybean oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 38% retracement level of the December-March-decline crossing at 29.91 is the next upside target. Closes above the 50-day moving average crossing at 28.04 would signal that a short-term low has been posted. First resistance is June's high crossing at 29.50. Second resistance is the 38% retracement level of the December-March-decline crossing at 29.91. First support is the 50-day moving average crossing at 28.04. Second support is the reaction low crossing at 26.54.