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GRAINS 

December Corn closed down 1-cent at 3.36 1/4.

December corn closed lower on Wednesday. Today's mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Multiple closes below the 20-day moving average crossing at 3.36 1/4 would confirm that a short-term top has been posted. If December resumes the decline off June's high, weekly support crossing at 3.18 1/2 is the next downside target. If December resumes the rally off August's low, the reaction high crossing at 3.46 is the next upside target. First resistance is the reaction high crossing at 3.46. Second resistance is the 25% retracement level of the June-August-decline crossing at 3.53 3/4. First support is August's low crossing at 3.22 1/2. Second support is weekly support crossing at 3.18 1/2.

December wheat closed down 1-cents at 4.26 1/2.

December wheat closed lower on Wednesday. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, psychological support crossing at 4.00 is the next downside target. Closes above last Friday's high crossing at 4.49 1/4 are needed to confirm that a short-term low has been posted. First resistance is last Friday's high crossing at 4.49 1/4. Second resistance is the reaction high crossing at 4.59 1/2. First support is today's low crossing at 4.23 1/4. Second support is psychological support crossing at 4.00.

December Kansas City Wheat closed up 1/2-cents at 4.34.

December Kansas City wheat closed fractionally higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the reaction low crossing at 4.25 3/4 is the next downside target. Closes below July's low crossing at 4.24 would confirm a downside breakout of the July-August trading range while opening the door for a possible test of psychological support crossing at 4.00 later this summer. Closes above last Friday's high crossing at 4.49 3/4 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 4.53. Second resistance is the reaction high crossing at 4.58. First support is July's low crossing at 4.24. Second support is psychological support crossing at 4.00.

December Minneapolis wheat closed down 7-cents at 5.08 3/4.

December Minneapolis wheat closed lower on Wednesday and below the 20-day moving average crossing at 5.11 1/4 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. If December renews the rally off August's low, the 50% retracement level of the June-August-decline crossing at 5.38 1/2 is the next upside target. First resistance is the 38% retracement level of the June-August-decline crossing at 5.28 3/4. Second resistance is the 50% retracement level of the June-August-decline crossing at 5.38 1/2. First support is today's low crossing at 5.07 1/2. Second support is August's low crossing at 4.97.

SOYBEAN COMPLEX? 

November soybeans closed down 9 1/2-cents at 10.04.

November soybeans closed lower on Wednesday as it extends the trading range of the past six-days. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. If November extends this month's rally, the 38% retracement level of the June-August-decline crossing at 10.36 is the next upside target. Closes below the 20-day moving average crossing at 9.86 1/2 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 10.20. Second resistance is the 38% retracement level of the June-August-decline crossing at 10.36. First support is the 20-day moving average crossing at 9.86 1/2. Second support is the reaction low crossing at 9.62 1/2.

December soybean meal closed down $1.20 at 327.30.

December soybean meal closed lower on Wednesday as it extends this month's trading range above the 62% retracement level of the February-June-rally crossing at 325.30. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Tuesday's high crossing at 338.50 are needed to confirm that a short-term low has been posted. If December resumes the decline off June's high the 75% retracement level of the February-June-rally crossing at 305.20 is the next downside target. First resistance is last Tuesday's high crossing at 338.50. Second resistance is the reaction high crossing at 349.30. First support is the 62% retracement level of the February-June-rally crossing at 325.30. Second support is the 75% retracement level of the February-June-rally crossing at 305.20.

December soybean oil closed down 43-pts. at 33.89.

December soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 31.98 would confirm that a short-term top has been posted. If December extends the aforementioned rally, the 87% retracement level of the April-July-decline crossing at 35.06 is the next upside target. First resistance is Tuesday's high crossing at 34.83. Second resistance is the 87% retracement level of the April-July-decline crossing at 35.06. First support is the 10-day moving average crossing at 33.37. Second support is the 20-day moving average crossing at 31.98.

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