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GRAINS

September corn higher overnight as it consolidates some of the decline off July's high. 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 September extends the decline off last week's high, the 87% retracement level of the June-July-rally crossing at 3.63 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.10 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.91 3/4. Second resistance is the 20-day moving average crossing at 4.10 1/2. First support is the overnight low crossing at 3.67. Second support is the 87% retracement level of the June-July-rally crossing at 3.63 3/4.

September 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 oversold but remain neutral to bearish signaling that a short-term low might be in or is near. If September extends the aforementioned decline, the 87% retracement level of the May-June-rally crossing at 4.88 1/2 is the next downside target. Closes above the 20-day moving average crossing at 5.47 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.17. Second resistance is the 20-day moving average crossing at 5.47 1/2. First support is the overnight low crossing at 4.95 1/2. Second support is the 87% retracement level of the May-June-rally crossing at 4.88 1/2.

September Kansas City Wheat closed down 9 1/2-cents at 4.95 1/4.

September Kansas City wheat closed lower on Wednesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, weekly support crossing at 4.90 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.48 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.17 3/4. Second resistance is the 20-day moving average crossing at 5.48 1/4. First support is today's low crossing at 4.92 1/2. Second support is weekly support crossing at 4.90 1/4.

September Minneapolis wheat was higher due to short covering overnight as it consolidates some of the decline off June's high. 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 September extends the decline off June's high, weekly support crossing at 5.21 1/2 is the next downside target. Closes above the 20-day moving average crossing at 5.78 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.47 1/2. Second resistance is the 20-day moving average crossing at 5.78. First support is Wednesday's low crossing at 5.28 3/4. Second support weekly support crossing at 5.21 1/2.

SOYBEAN COMPLEX? 

September soybeans 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 turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 9.96 would confirm that a short-term low has been posted. If September extends the decline off July's low, the 75% retracement level of the June-July-rally crossing at 9.35 is the next downside target. First resistance is the 10-day moving average crossing at 9.77 1/2. Second resistance is the 20-day moving average crossing at 9.96. First support is Monday's low crossing at 9.37 1/2. Second support is the 75% retracement level of the June-July-rally crossing at 9.35.

September soybean meal 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 September extends the decline off July's high, the reaction low crossing at 327.40 is the next downside target. Closes above the 20-day moving average crossing at 346.60 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 346.60. Second resistance is July's high crossing at 363.30. First support is Tuesday's low crossing at 333.10. Second support is the reaction low crossing at 327.40.

September soybean oil 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 September extends the decline off June's high, January's low crossing at 29.95 is the next downside target. Closes above the 20-day moving average crossing at 31.70 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 31.07. Second resistance is the 20-day moving average crossing at 31.70. First support is Monday's low crossing at 29.97. Second support is January's low crossing at 29.95.

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