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GRAINS

December corn was lower overnight as it extends the trading range of the past six-weeks. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the reaction high crossing at 3.77 3/4 are needed to confirm that a short-term low has been posted. If December resumes the decline off May's high, monthly support crossing at 3.48 is the next downside target. First resistance is the reaction high crossing at 3.77 3/4. Second resistance is the 25% retracement level of this year's decline crossing at 3.97 1/2. First support is August's low crossing at 3.58. Second support is monthly support crossing at 3.48.

December wheat was higher overnight due to ongoing unrest between Russia and the Ukraine. 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 near-term. If December extends this week's rally, August's high crossing at 5.91 is the next upside target. Closes below July's low crossing at 5.42 1/4 would renew this year's decline. First resistance is August's high crossing at 5.91. Second resistance is the 25% retracement level of the May-August-decline crossing at 5.98. First support is July's low crossing at 5.42 1/4. Second support is weekly support crossing at 5.00.

December Kansas City Wheat closed up 6 3/4-cents at 6.44 3/4.

December Kansas City wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above last Friday's high crossing at 6.44 are needed to confirm that a short-term low has been posted. If December renews the decline off May's high, psychologial support crossing at 6.00 is the next downside target. First resistance is today's high crossing at 6.44 3/4. Second resistance is August's high crossing at 6.72 1/2. First support is the reaction low crossing at 6.19. Second support is psychologial support crossing at 6.00.

December Minneapolis wheat was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rebound off August's low, August's high crossing at 6.59 1/2 is the next upside target. If December renews this summer's decline, psychologial support crossing at 6.00 is the next downside target. First resistance is Thursday's high crossing at 6.42 1/2. Second resistance is August's high crossing at 6.59 1/2. First support is last Tuesday's low crossing at 6.13. Second support is psychologial support crossing at 6.00.

SOYBEAN COMPLEX 

November soybeans was higher due to short covering 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this summer's decline, psychologial support crossing at 10.00 is the next downside target. Closes above the 20-day moving average crossing at 10.52 1/4 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 10.52 1/4. Second resistance is the reaction high crossing at 10.89 1/4. First support is Tuesday's low crossing at 10.19 3/4. Second support is psychologial support crossing at 10.00.

December soybean meal was higher overnight while extending the trading range of the past six-weeks. 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 this summer's decline, January's low crossing at 337.10 is the next downside target. Closes above the reaction high crossing at 360.20 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 360.20. Second resistance is the reaction high crossing at 366.60. First support is August's low crossing at 337.80. Second support is January's low crossing at 337.10.

December 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year's decline, weekly support crossing at 32.31 is the next downside target. Closes above the 20-day moving average crossing at 34.08 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 33.71. Second resistance is the 20-day moving average crossing at 34.08. First support is Monday's low crossing at 32.45. Second support is weekly support crossing at 32.31.

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