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GRAINS 

December Corn closed down 4-cent at 3.76 3/4.

December corn closed lower on Friday as it extends the decline off June's high. Today's decline led to December's lowest trade since January. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, last September's low crossing at 3.65 3/4 is the next downside target. Closes above the 20-day moving average crossing at 3.93 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.93. Second resistance is June's high crossing at 4.09. First support is today's low crossing at 3.74. Second support is last September's low crossing at 3.65 3/4.

December wheat closed down 2 1/2-cents at 4.95.

December wheat closed lower on Friday as it consolidated some of this month'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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.82 1/2 would confirm that a short-term top has been posted. If December extends the rally off May's low, February's high crossing at 5.18 1/2 is the next upside target. First resistance is Tuesday's high crossing at 5.10 1/2. Second resistance is February's high crossing at 5.18 1/2. First support is the 10-day moving average crossing at 4.93. Second support is the 20-day moving average crossing at 4.82 1/2.

December Kansas City Wheat closed down 3-cents at 5.07 3/4.

December Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.94 1/4 would confirm that a short-term top has been posted. If December resumes this month's rally, February's high crossing at 5.31 is the next upside target. First resistance is Monday's high crossing at 5.34 3/4. Second resistance is February's high crossing at 5.31. First support is the 10-day moving average crossing at 5.07 1/4. Second support is the 20-day moving average crossing at 4.94 1/4.

December Minneapolis wheat closed up 4-cents at 6.64 1/4.

December Minneapolis wheat closed higher on Friday as it extended this spring'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 overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 6.80 1/4 is the next upside target. Closes below the 20-day moving average crossing at 6.16 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 6.76. Second resistance is weekly resistance crossing at 6.80 1/4. First support is the 10-day moving average crossing at 6.42 1/4. Second support is the 20-day moving average crossing at 6.16 3/4.

SOYBEAN COMPLEX? 

November soybeans closed down 1 1/4-cents at 9.12.

November soybeans closed lower on Friday as it extends this year's decline. The mid-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 bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off February's high, last August's low crossing at 9.03 1/2 is the next downside target. Closes above the 50-day moving average crossing at 9.48 1/2 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 9.48 1/2. Second resistance is May's high crossing at 9.80. First support is today's low crossing at 9.07. Second support is last August's low crossing at 9.03 1/2.

December soybean meal closed down $0.20 at 297.20.

December soybean meal closed lower on Friday. The mid-range close sets the stage for a steady opening when Monday'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 December resumes the decline off May's high, the 75% retracement level of 2016's rally crossing at 288.70 is the next downside target. Closes above the 20-day moving average crossing at 305.60 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 305.60. Second resistance is the 50-day moving average crossing at 311.70. First support the 75% retracement level of 2016's rally crossing at 288.70. Second support is the 87% retracement level of 2016's rally crossing at 279.70.

December soybean oil closed up 13-pts. at 32.18.

December soybean oil closed higher on Friday due to short covering. The high-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 bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, June's low crossing at 31.53 is the next downside target. Closes above the 10-day moving average crossing at 32.72 would confirm that a short-term low has been posted. First resistance is May's high crossing at 33.90. Second resistance is the reaction high crossing at 34.40. First support is today's low crossing at 31.91. Second support is June's low crossing at 31.53.

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