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GRAINS 

December Corn closed down 1 1/2-cents at 3.35 1/4.

December corn closed lower on Friday. Stochastics and the RSI have turned neutral to bearish hinting that a short-term top might be in or is near. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Closes below last Wednesday's low crossing at 3.26 1/2 would confirm a triple top has been posted. If December resumes the rally off August's low, the 25% retracement level of the June-September-decline crossing at 3.48 1/2 is the next upside target. First resistance is August's high crossing at 3.44 1/4. Second resistance is the 25% retracement level of the June-September-decline crossing at 3.48 1/2. First support is last Wednesday's low crossing at 3.26 1/2. Second support is August's low crossing at 3.14 3/4.

December wheat closed down 1 3/4-cents at 4.03 3/4.

December wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. 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, monthly support crossing at 3.56 is the next downside target. Closes above last Tuesday's high crossing at 4.11 are needed to confirm that a short-term low has been posted. First resistance is last Tuesday's high crossing at 4.11. Second resistance is the reaction high crossing at 4.29 3/4. First support is August's low crossing at 3.86 3/4. Second support is monthly support crossing at 3.56.

December Kansas City Wheat closed up 3/4-cents at 4.21 1/2.

December Kansas City wheat closed fractionally higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the reaction high crossing at 4.36 is the next upside target. Closes below last Wednesday's low crossing at 4.09 1/2 would temper the near-term friendly outlook. First resistance is today's high crossing at 4.25 3/4. Second resistance is the reaction high crossing at 4.36. First support is August's low crossing at 3.95 1/4. Second support is monthly support crossing at 3.93.

December Minneapolis wheat closed up 2 1/2-cents at 5.03 3/4.

December Minneapolis wheat closed higher on Friday as it extends this month's rally. The mid-range close sets the stage for a steady to higher opening when Monday's night 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 month's rally, the 38% retracement level of the June-August-decline crossing at 5.18 1/2 is the next upside target. Closes below the 20-day moving average crossing at 4.91 3/4 is the next upside target. First resistance is the 25% retracement level of the June-August-decline crossing at 5.05. Second resistance is the 38% retracement level of the June-August-decline crossing at 5.18 1/2. First support is August's low crossing at 4.80 1/4. Second support is monthly support crossing at 4.77.

SOYBEAN COMPLEX? 

November soybeans closed down 23 1/4-cents at 9.53 1/4.

November soybeans closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. If November renews this summer's decline, the 87% retracement level of the 2015-2016-rally crossing at 9.08 3/4 is the next downside target. Closes above Tuesday's high crossing at 9.94 are needed to confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 9.94. Second resistance is August's high crossing at 10.20. First support is August's low crossing at 9.37. Second support is the 87% retracement level of the 2015-2016-rally crossing at 9.08 3/4.

December soybean meal closed down $5.30 at 302.20.

December soybean meal closed lower on Friday and below August's low thereby renewing this summer's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline off June's high the 87% retracement level of the February-June-rally crossing at 286.90 is the next downside target. Closes above Tuesday's high crossing at 317.80 are needed to confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 317.80. Second resistance is the reaction high crossing at 321.30. First support is today's low crossing at 301.50. Second support is the 87% retracement level of the February-June-rally crossing at 286.90.

December soybean oil closed down 61/32's at 33.60.

December soybean oil closed lower on Friday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening when Monday's night 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 the aforementioned rally, August's high crossing at 34.83 is the next upside target. Closes below the 10-day moving average crossing at 32.95 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 34.29. Second resistance is August's high crossing at 34.83. First support is the 10-day moving average crossing at 32.95. Second support is September's low crossing at 31.63.

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