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GRAINS 

December Corn was down 3-cents at $3.62 3/4.

December corn was lower overnight as it extends the decline off July's high. Rain across Nebraska and Iowa overnight provided the catalyst for renewed selling. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, last August's low crossing at 3.58 1/2 is the next downside target. Closes above the 20-day moving average crossing at 3.77 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.72. Second resistance is the 20-day moving average crossing at 3.77 1/2. First support is the overnight low crossing at 3.62 3/4. Second support is last August's low crossing at 3.58 1/2.

December wheat was down 2-cents at $4.40 1/2.

December wheat was lower overnight as it extends the decline off July's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, weekly support crossing at 4.34 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.77 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.60 1/4. Second resistance is the 20-day moving average crossing at 4.77 1/2. First support is last Thursday's low crossing at 4.38 3/4. Second support is weekly support crossing at 4.34 1/2.

December Kansas City Wheat closed up a 1/4-cents at 4.42 1/4.

December Kansas City wheat closed fractionally higher on Friday. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, weekly support crossing at 4.11 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.83 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.66 3/4. Second resistance is the 20-day moving average crossing at 4.83. First support is today's low crossing at 4.38 1/4. Second support is weekly support crossing at 4.11 1/4.

December Minneapolis wheat was down 7-cents at 6.75 1/2.

December Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, the 75% retracement level of the April-July-rally crossing at 6.18 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.75 1/2 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.97 1/4. Second resistance is the 20-day moving average crossing at 6.75 1/2. First support is the 62% retracement level of the April-July-rally crossing at 6.58 1/4. Second support is the 75% retracement level of the April-July-rally crossing at 6.18 1/2.

SOYBEAN COMPLEX? 

November soybeans were down 6 1/2-cents at 9.31 1/4.

November soybeans was lower overnight due to rain falling across portions of Iowa overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off July's high, June's low crossing at 9.07 is the next downside target. Closes above the 20-day moving average crossing at 9.63 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 9.42 1/2. Second resistance is the 20-day moving average crossing at 9.63 3/4. First support is the 87% retracement level of the June-July-rally crossing at 9.25. Second support is June's low crossing at 9.07.

December soybean meal was down $2.50 at 298.00.

December soybean meal was lower overnight. The low-range close overnight sets the stage for a steady to 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. If December extends the decline off July's high, June's low crossing at 295.40 is the next downside target. Closes above the 20-day moving average crossing at 311.50 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 303.20. Second resistance is the 20-day moving average crossing at 311.50. First support is last Wednesday's low crossing at 297.40. Second support is June's low crossing at 295.40.

December soybean oil was down 8-pts. at 34.00.

December soybean oil was lower overnight. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Multiple closes above the 20-day moving average crossing at 34.08 are needed to confirm that a short-term low has been posted. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes this month's decline, the reaction low crossing at 32.48 is the next downside target. First resistance is August's high crossing at 35.15. Second resistance is July's high crossing at 35.58. First support is the reaction low crossing at 32.48. Second support is the reaction low crossing at 31.91.

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