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GRAINS 

December Corn was up 1 1/4-cents at 3.44 1/4.

December corn was higher overnight as it extends the rebound off last Friday's low. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.53 1/2 are needed to confirm that the short-term low has been posted. If December renews the decline off June's high, weekly support crossing at 3.30 1/2 is the next downside target. First resistance is the 20-day moving average crossing at 3.53 1/2. Second resistance is the reaction high crossing at 3.80. First support is last Friday's low crossing at 3.33 1/4. Second support is weekly support crossing at 3.30 1/2.

December wheat was up 4 1/4-cents at 4.45 3/4.

December wheat was 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 bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off June's high, psychological support crossing at 4.00 is the next downside target. Closes above Monday's high crossing at 4.59 1/2 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 4.73 3/4. Second resistance is the reaction high crossing at 4.89 1/4. First support is last Wednesday's low crossing at 4.30. Second support is psychological support crossing at 4.00.

December Kansas City Wheat closed unchanged at 4.38 1/2.

December Kansas City wheat closed unchanged on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off June's high, psychological support crossing at 4.00 is the next downside target. Closes above the reaction high crossing at 4.58 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 4.58. Second resistance is broken support crossing at 4.83 1/2. First support is July's low crossing at 4.24. Second support is psychological support crossing at 4.00.

December Minneapolis wheat was up 3-cents at 5.06 3/4.

December Minneapolis wheat was 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 bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off June's high, weekly support crossing at 4.86 is the next downside target. Closes above the 20-day moving average crossing at 5.12 are needed to confirm that that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.12. Second resistance is the reaction high crossing at 5.26 3/4. First support is last Wednesday's low crossing at 4.97 3/4. Second support is weekly support crossing at 4.86.

SOYBEAN COMPLEX? 

November soybeans were up 4-cents at 9.90.

November soybeans were higher overnight due to short covering as it consolidates some of the decline off June's high. The mid-range close sets the stage for a steady to higher 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 November renews the aforementioned decline, the 75% retracement level of the March-June-rally crossing at 9.47 is the next downside target. Closes above the 20-day moving average crossing at 10.45 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 10.45 1/2. Second resistance is the reaction high crossing at 11.23. First support is Tuesday's low crossing at 9.63. Second support is the 75% retracement level of the March-June-rally crossing at 9.47.

December soybean meal was up $2.10 at 345.30.

December soybean meal was higher overnight as it consolidates some of the decline off June's high. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 363.70 are needed to confirm that a short-term low has been posted. If December renews the decline off June's high, the 62% retracement level of the February-June-rally crossing at 325.10 is the next downside target. First resistance is the 10-day moving average crossing at 349.10. Second resistance is the 20-day moving average crossing at 363.70. First support is last Friday's low crossing at 330.20. Second support is the 62% retracement level of the February-June-rally crossing at 325.10.

December soybean oil was down 5-pts. at 29.97.

December soybean oil as slightly 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 bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, the 75% retracement level of the 2015-2016-rally crossing at 29.19 is the next downside target. Closes above the reaction high crossing at 31.85 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 31.85. Second resistance is the reaction high crossing at 32.48. First support is the overnight low crossing at 29.87. Second support is the 75% retracement level of the 2015-2016-rally crossing at 29.19.

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