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GRAINS

December corn was lower overnight as it extends this year's decline. 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, the September 2009 low on the monthly chart crossing at 3.02 is the next downside target. Closes above the 20-day moving average crossing at 3.35 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.35 3/4. Second resistance is the reaction high crossing at 3.58. First support is the overnight low crossing at 3.18 1/2. Second support is the September 2009 low on the monthly chart crossing at 3.02.

December wheat was lower overnight while extending last week's trading range. 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 bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 4.96 1/2 are needed to confirm that a low has been posted. If December renews this year's decline, monthly support crossing at 4.25 1/2 is the next downside target. First resistance is the 10-day moving average crossing at 4.77 3/4. Second resistance is the 20-day moving average crossing at 4.96 1/2. First support is last Thursday's low crossing at 4.66 1/4. Second support is monthly support crossing at 4.25 1/2.

December Kansas City Wheat closed down 8 1/2-cents at 5.58.

December Kansas City wheat closed lower on Tuesday as it renews this year's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. 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, weekly support crossing at 5.24 is the next downside target. Closes above the 20-day moving average crossing at 5.87 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.65. Second resistance is the 20-day moving average crossing at 5.87 1/2. First support is Tuesday's low crossing at 5.57 1/2. Second support is weekly support crossing at 5.24.

December Minneapolis wheat was lower overnight while extending last week's trading range. 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 resumes this summer's decline, psychological support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.63 1/2 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 5.36 3/4. Second resistance is the 20-day moving average crossing at 5.63 1/2. First support is the overnight low crossing at 5.29. Second support is psychological support crossing at 5.00.

SOYBEAN COMPLEX 

November soybeans 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 oversold but remain neutral to lower signaling that sideways to lower prices are possible near-term. If November extends this summer's decline, psychological support crossing at 9.00 is the next downside target. Closes above the 20-day moving average crossing at 9.62 3/4 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 9.31 3/4. Second resistance is the 20-day moving average crossing at 9.62 3/4. First support is Monday's low crossing at 9.05 1/2. Second support is psychological support crossing at 9.00.

December soybean meal 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 this month's decline, the May-2012-low crossing at 288.80 is the next downside target. Closes above the 20-day moving average crossing at 320.60 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 306.90. Second resistance is the 20-day moving average crossing at 320.60. First support is the overnight low crossing at 296.30. Second support is the May-2012-low crossing at 288.80.

December soybean oil 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 signaling that sideways to lower prices are possible near-term. Closes above the reaction high crossing at 33.83 or below 31.52 are needed to confirm a breakout of the late-summer trading range and point the direction of the next trending move. If December resumes this year's decline, weekly support crossing at 29.57 is the next downside target. First resistance is the reaction high crossing at 33.83. Second resistance is the 25% retracement level of the April-September-decline crossing at 34.41. First support is the reaction low crossing at 31.52. Second support is weekly support crossing at 29.57.

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