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GRAINS 

March Corn closed down 1 1/4-cents at 3.47 1/4.

March corn closed lower on Friday and posted a new contract low. 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 March extends the decline off November's high, weekly support crossing at 3.32 is the next downside target. Closes above the 50-day moving average crossing at 3.57 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.57 1/2. Second resistance is the reaction high crossing at 3.69 1/4. First support is today's low crossing at 3.46 1/2. Second support is weekly support crossing at 3.32.

March wheat closed up a 1/4-cent at 4.18 1/2.

March wheat closed fractionally higher due to short covering on Friday as it consolidated some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 4.40 1/4 are needed to confirm that a short-term low has been posted. If March extends the decline off July's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.40 1/4. Second resistance is the reaction high crossing at 4.60 3/4. First support is Tuesday's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.

March Kansas City Wheat closed down 3/4-cents at 4.17 1/2.

March Kansas City wheat closed fractionally lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 4.38 are needed to confirm that a short-term low has been posted. If March extends the decline off September's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.38. Second resistance is reaction high crossing at 4.51 1/2. First support is Monday's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.

March Minneapolis wheat closed up 3-cents at 6.20.

March Minneapolis wheat closed higher on Friday as it consolidates some of the decline off November's high. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 6.31 1/4 would confirm that a short-term low has been posted. If March renews the decline off November's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. First resistance is the 50-day moving average crossing at 6.31 1/4. Second resistance is November's high resistance crossing at 6.66. First support is Tuesday's low crossing at 6.05. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.

SOYBEAN COMPLEX? 

January soybeans closed up 3/4-cents at 9.68 1/2.

January soybeans closed fractionally higher on Friday as it consolidates some of the decline off December's high. 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 January extends this month's decline, September's low crossing at 9.47 1/2 is the next downside target. Closes above the 20-day moving average crossing at 9.89 1/2 would confirm that a short-term low has been posted. First resistance is December's high crossing at 10.15. Second resistance is the reaction high crossing at 10.28 1/4. First support is today's low crossing at 9.64. Second support is September's low crossing at 9.47 1/2.

January soybean meal closed down $1.00 at 320.60.

January soybean meal closed lower on Friday as it extends the decline off December's high. 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 January extends this month's decline, the 62% retracement level of the August-December-rally crossing at 316.20 is the next downside target. Closes above the 10-day moving average crossing at 331.10 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 331.10. Second resistance is December's high crossing at 348.20. First support is today's low crossing at 320.40. Second support is the 62% retracement level of the August-November-rally crossing at 316.20.

January soybean oil closed up 3 pts. at 33.21.

January soybean oil closed slightly higher on Friday. 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 sideways to lower prices are possible near-term. If January renews the decline off November's high, October's low crossing at 32.47 is the next downside target. Closes above the 20-day moving average crossing at 33.71 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33.71. Second resistance is the 50-day moving average crossing at 34.11. First support is last Thursday's low crossing at 32.80. Second support is October's low crossing at 32.47.

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