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GRAINS

March corn was lower due to profit taking overnight as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 50% retracement level of this year's decline crossing at 4.26 3/4 is the next upside target. Closes below the 20-day moving average crossing at 3.96 1/4 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 4.14. Second resistance is the 50% retracement level of this year's decline crossing at 4.26 3/4. First support is the 20-day moving average crossing at 3.96 1/4. Second support is the reaction low crossing at 3.77 1/4.

March wheat was higher overnight as it bounces off support marked by the 10-day moving average. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 6.00 3/4 are needed to confirm that a short-term top has been posted. If March extends the rally off September's low, the 62% retracement level of the 2012-2014-decline crossing at 7.13 is the next upside target. First resistance is the 50% retracement level of the 2012-2014-decline crossing at 6.68 1/4. Second resistance is the 62% retracement level of the 2012-2014-decline crossing at 7.13. First support is the 10-day moving average crossing at 6.18 3/4. Second support is the 20-day moving average crossing at 6.00 3/4.

March Kansas City Wheat closed down 17 3/4-cents at 6.66.

March Kansas City wheat closed lower on Friday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 50% retracement level of the 2013-2014-decline crossing at 7.08 3/4 is the next upside target. Closes below the 20-day moving average crossing at 6.40 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 6.83. Second resistance is the 50% retracement level of the 2013-2014-decline crossing at 7.08 3/4. First support is the 20-day moving average crossing at 6.40. Second support is the reaction low crossing at 6.17 1/2.

March Minneapolis wheat was higher overnight as it consolidates some of last Friday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 6.25 would confirm that a short-term top has been posted. If March extends the rally off October's low, the 50% retracement level of the May-October-decline crossing at 6.87 3/4 is the next upside target. First resistance is the 50% retracement level of the May-October-decline crossing at 6.87 3/4. Second resistance is the 62% retracement level of the May-October-decline crossing at 7.22 1/2. First support is the 20-day moving average crossing at 6.25. Second support is the reaction low crossing at 5.96 1/2.

SOYBEAN COMPLEX? 

January soybeans was lower overnight as it extends the trading range of the past two months. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off last week's high, December's low crossing at 9.83 3/4 is the next downside target. If January renews the rally off October's low, the 50% retracement level of the 2013-2014-decline crossing at 11.14 1/4 is the next upside target. First resistance is November's high crossing at 10.86 1/4. Second resistance is the 50% retracement level of the 2013-2014-decline crossing at 11.14 1/4. First support is December's low crossing at 9.83 3/4. Second support is the reaction low crossing at 9.43 1/2.

January soybean meal was slightly higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 382.80 would open the door for a possible test of November's high crossing at 398.90. If January renews last week's decline, the reaction low crossing at 349.40 is the next downside target. First resistance is the reaction high crossing at 382.80. Second resistance is November's high crossing at 398.90. First support is the reaction low crossing at 349.40. Second support is the reaction low crossing at 319.40.

January soybean oil was higher overnight while extending the trading range of the past four-months. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 33.82 are needed to confirm that a low has been posted. If January renews the decline off October's high, monthly support crossing at 29.57 is the next downside target. First resistance is the reaction high crossing at 33.82. Second resistance is October's high crossing at 35.16. First support is December's low crossing at 31.17. Second support is monthly support crossing at 29.57.

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