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GRAINS

December corn was lower overnight as it consolidates some of the rally off October's low alive. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 25% retracement level of the 2011-2014-decline crossing at 3.92 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.53 1/4 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3.81. Second resistance is the 25% retracement level of the 2011-2014-decline crossing at 3.92 1/2. First support is the 20-day moving average crossing at 3.53 1/4. Second support is October's low crossing at 3.18 1/2.

December wheat was lower 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 diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 5.15 1/2 would confirm that a short-term top has been posted. If December extends this month's rally, the reaction high crossing at 5.79 1/4 is the next upside target. First resistance is Thursday's high crossing at 5.45 1/2. Second resistance is the reaction high crossing at 5.79 1/4. First support is the 20-day moving average crossing at 5.15 1/2. Second support is the reaction low crossing at 4.88 1/4.

December Kansas City Wheat closed down 4 1/2-cents at 6.02.

December Kansas City wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are diverging but have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the reaction high crossing at 6.29 is the next upside target. Closes below the 20-day moving average crossing at 5.92 3/4 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 6.05 1/4. Second resistance is the reaction high crossing at 6.29. First support is the 20-day moving average crossing at 5.92 3/4. Second support is October's low crossing at 5.57 1/2.

December Minneapolis wheat was lower overnight. The mid-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 diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 5.67 1/2 would confirm that a short-term top has been posted. If December extends this month's rally, the 25% retracement level of the April-September-decline crossing at 6.01 is the next upside target. First resistance is Wednesday's high crossing at 5.84 3/4. Second resistance is the 25% retracement level of the April-September-decline crossing at 6.01. First support is the 20-day moving average crossing at 5.67 1/2. Second support is October's low crossing at 5.25.

SOYBEAN COMPLEX 

November soybeans were higher overnight. The low-range close sets the stage for a steady to higher 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 November extends this month's rally, the 50% retracement level of this year's decline crossing at 10.90 3/4 is the next upside target. Closes below the 20-day moving average crossing at 9.70 1/2 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of this year's decline crossing at 10.46 1/4. Second resistance is the 50% retracement level of this year's decline crossing at 10.90 3/4. First support is the 10-day moving average crossing at 9.95. Second support is the 20-day moving average crossing at 9.70 1/2.

December soybean meal was slightly higher 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, May's high crossing at 411.40 is the next upside target. Closes below the 20-day moving average crossing at 340.60 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 408.50. Second resistance is May's high crossing at 411.40. First support is the 10-day moving average crossing at 362.30. Second support is the 20-day moving average crossing at 340.60.

December soybean oil was slightly higher overnight as it extends this week's rally. 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 neaer-term. If December extends this month's rally, the 38% retracement level of the April-September-decline crossing at 36.24 is the next upside target. First resistance is the 25% retracement level of the April-September-decline crossing at 34.41. Second resistance is the 38% retracement level of the April-September-decline crossing at 36.24. First support is September's low crossing at 31.52. Second support is weekly support crossing at 29.57.

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