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Market Commentary

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INO.com’s Daily Market Analysis

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GRAINS 

March Corn was down a 1/2-cent at $3.65 3/4.

March corn was steady to fractionally lower in quiet trading overnight but remains poised to test resistance marked by October's high crossing at 3.69. The mid-range close overnight 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. Multiple closes above October's high crossing at 3.69 would mark a possible upside breakout of the July-January trading range. Closes below the 50-day moving average crossing at 3.55 1/4 would signal that a short-term top has been posted. First resistance is October's high crossing at 3.69. Second resistance is the 38% retracement level of the June-July-2016 decline crossing at 3.74. First support is the reaction low crossing at 3.52. Second support is the late-December's low crossing at 3.45 1/2.

March wheat was down a 1/2-cent at 4.23.

March wheat was steady to fractionally lower 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 bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.16 1/4 would confirm that a short-term top has been posted. If March resumes the rally off December's low, October's high crossing at 4.45 3/4 is the next upside target. First resistance is Tuesday's high crossing at 4.37 1/2. Second resistance is October's high crossing at 4.45 3/4. First support is the 20-day moving average crossing at 4.16 1/4. Second support is December's low crossing at 3.92 3/4.

March Kansas City Wheat closed down 10-cents at 4.42 1/4.

March Kansas City wheat closed lower due to profit taking on Thursday 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 Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.27 3/4 would confirm that a short-term top has been posted. If March extends the aforementioned rally, the 38% retracement level of the April-December-decline crossing at 4.60 is the next upside target. First resistance is the 38% retracement level of the April-December-decline crossing at 4.60. Second resistance is the 50% retracement level of the April-December-decline crossing at 4.78 3/4. First support is the 10-day moving average crossing at 4.41 1/2. Second support is the 20-day moving average crossing at 4.27 3/4.

March Minneapolis wheat was down 2 1/2-cents at 5.74.

March Minneapolis wheat 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 5.53 would confirm that a top has been posted. If March renews the rally off November's low, the June-2016 high crossing at 5.94 3/4 is the next upside target. First resistance is the 87% retracement level of the June-August-decline crossing at 5.81 1/4. Second resistance is the June-2016 high crossing at 5.94 3/4. First support is the 10-day moving average crossing at 5.68 1/4. Second support is the 20-day moving average crossing at 5.53.

SOYBEAN COMPLEX? 

March soybeans were down 7-cents at 10.63 1/4.

March soybeans was lower due to profit taking overnight as it consolidates some of this month's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, the 75% retracement level of the June-August-2016 decline crossing at 10.87 is the next upside target. Closes below the 20-day moving average crossing at 10.24 1/4 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 10.80. Second resistance is the 75% retracement level of the June-August-2016 decline crossing at 10.87. First support is the 10-day moving average crossing at 10.39. Second support is the 20-day moving average crossing at 10.24 1/4.

March soybean meal was down $2.70 at 345.50.

March soybean meal was lower overnight as it consolidates some of this month's rally. 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 this month's rally, the 62% retracement level of the June-September-decline crossing at 354.90 is the next upside target. Closes below the 20-day moving average crossing at 323.90 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the June-September-decline crossing at 354.90. Second resistance is the 75% retracement level of the June-September-decline crossing at 367.10. First support is the 20-day moving average crossing at 323.90. Second support is January's low crossing at 310.70.

March soybean oil was down 4-points at 35.40.

March 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 35.36 would confirm that a short-term top has been posted. Multiple closes above the 50-day moving average crossing at 36.00 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 36.00. Second resistance is the reaction high crossing at 37.72. First support is the reaction low crossing at 34.54. Second support is November's low crossing at 33.99.

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