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GRAINS

December corn was lower overnight as it extend this summer's decline due to bearish weather forecast and the impending corn harvest in the Midwest. 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 May's high, monthly support crossing at 3.24 1/2 is the next downside target. Closes above the 20-day moving average crossing at 3.52 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.52. Second resistance is the reaction high crossing at 3.70. First support is last Thursday's low crossing at 3.35 3/4. Second support is monthly support crossing at 3.24 1/2.

December wheat was lower overnight as it extends this year's decline. The low-range close 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 aforementioned decline, monthly support crossing at 4.75 1/2 is the next downside target. Closes above the 20-day moving average crossing at 5.29 1/4 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 5.06. Second resistance is the 20-day moving average crossing at 5.29 1/4. First support is the overnight low crossing at 4.83 3/4. Second support is monthly support crossing at 4.75 1/2.

December Kansas City Wheat closed down 12 1/2-cents at 5.69 3/4.

December Kansas City wheat closed lower on Thursday as it extends this summer's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, weekly support crossing at 5.66 is the next downside target. Closes above the 20-day moving average crossing at 6.17 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6.01 3/4. Second resistance is the 20-day moving average crossing at 6.17 1/2. First support is today's low crossing at 5.69. Second support is weekly support crossing at 5.66.

December Minneapolis wheat was lower overnight as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this summer's decline, monthly support crossing at 5.32 is the next downside target. Closes above the 20-day moving average crossing at 6.00 1/4 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 5.77 3/4. Second resistance is the 20-day moving average crossing at 6.00 3/4. First support is the overnight low crossing at 5.46. Second support is monthly support crossing at 5.32.

SOYBEAN COMPLEX 

November soybeans was lower overnight as it extends this summer's decline. The low-range close 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 lower signaling that sideways to lower prices are possible near-term. If November extends this summer's decline, monthly support crossing at 9.30 1/2 is the next downside target. Closes above the 20-day moving average crossing at 10.05 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 10.05 1/4. Second resistance is the reaction high crossing at 10.38. First support is the overnight low crossing at 9.64. Second support is monthly support crossing at 9.30 1/2.

December soybean meal was lower overnight as it extends this summer's decline. The low-range close 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 this month's decline, the 87% retracement level of the 2012-2014-rally crossing at 304.40 is the next downside target. Closes above the 20-day moving average crossing at 338.70 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 329.00. Second resistance is the 20-day moving average crossing at 338.70. First support is the overnight low crossing at 315.90. Second support is the 87% retracement level of the 2012-2014-rally crossing at 304.40.

December soybean oil 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 resumes this year's decline, weekly support crossing at 29.57 is the next downside target. If December renews the rally off last week's low, the 25% retracement level of the April-September-decline crossing at 34.41 is the next upside target. First resistance is Tuesday's high crossing at 33.83. Second resistance is the 25% retracement level of the April-September-decline crossing at 34.41. First support is last Wednesday's low crossing at 31.52. Second support is weekly support crossing at 29.57.

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