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GRAINS

December Corn closed down 4 1/2-cents at 3.64 3/4.

December corn closed lower on Friday due to strength in the US Dollar. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December extends this week's decline, August's low crossing at 3.58 is the next downside target. If December turns higher next week, August's high crossing at 3.81 is the next upside target. First resistance is August's high crossing at 3.81. Second resistance is the reaction high crossing at 3.95 3/4. First support is August's low crossing at 3.58. Second support is monthly support crossing at 3.48.

December wheat closed down 8 1/4-cents at 5.63 1/2.

December wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 Thursday's rally, August's high crossing at 5.91 is the next upside target. If December renews the decline off August's high, psychologial support crossing at 5.00 is the next downside target. 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 1/4. First support is July's low crossing at 5.42 1/4. Second support is psychologial support crossing at 5.00.

December Kansas City Wheat closed down 2-cents at 6.42 3/4.

December Kansas City wheat closed lower on Friday. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought but remain 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 Thursday'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 closed down 2 1/4-cents at 6.29 3/4.

December Minneapolis wheat close lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the rally off August's low, August's high crossing at 6.59 1/2 is the next upside target. If December renews the decline off May's high, 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 August's low crossing at 6.13. Second support is psychologial support crossing at 6.00.

SOYBEAN COMPLEX? 

November soybeans closed down 4 1/2-cents at 10.24 1/4.

November soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night 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 the decline off May's high, psychologial support crossing at 10.00 is the next downside target. Multiple closes above the 20-day moving average crossing at 10.51 3/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 10.51 3/4. 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 closed up $2.10 at 350.70.

December soybean meal closed higher on Friday. The high-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. Closes above the reaction high crossing at 360.20 are needed to confirm that a low has been posted. If December renews the decline off May's high, January's low crossing at 337.10 is the next downside target. 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 cossing at 337.80. Second support is January's low crossing at 337.10.

December soybean oil closed down 65 pts. at 32.14.

December soybean oil closed lower on Friday as it extends this summer's decline. The low-range close sets the stage for a steady to lower opening when Tuesday's night 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, the January-2008 low crossing at 28.16 is the next downside target. Closes above the 20-day moving average crossing at 34.06 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 33.71. Second resistance is the 20-day moving average crossing at 34.06. First support is today's low crossing at 32.00. Second support is the January-2008 low crossing at 28.16.

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