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GRAINS

July Corn closed up 6-cents at 4.19 3/4.

July corn closed higher on Thursday and tested the 87% retracement level of this year's decline crossing at 4.20 1/2. The high-range close sets the stage for a steady to higher 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 July extends this month's rally, December's high crossing at 4.31 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.70 3/4 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of this year's decline crossing at 4.20 1/2. Second resistance is December's high crossing at 4.31 1/2. First support is the 10-day moving average crossing at 3.84. Second support is the 20-day moving average crossing at 3.70 3/4.

July wheat closed down 1 3/4-cents at 5.85 3/4.

July wheat closed lower due to profit taking on Thursday as it consolidates some of the rally off June's low. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 5.27 1/4 would confirm that a short-term top has been posted. If July extends the rally off May's low, the 62% retracement level of the 2014-2015-decline crossing at 6.47 1/4 is the next upside target. First resistance is Wednesday's high crossing at 6.15 3/4. Second resistance is the 62% retracement level of the 2014-2015-decline crossing at 6.47 1/4. First support is the 10-day moving average crossing at 5.49 1/4. Second support is the 20-day moving average crossing at 5.27 1/4.

July Kansas City Wheat closed unchanged at 5.76.

July Kansas City wheat closed unchanged on Thursday as it consolidated some of this week's gains. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off June's low, the 38% retracement level of the 2014-2015-decline crossing at 6.13 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.35 1/4 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 5.93 1/4. Second resistance is the 38% retracement level of the 2014-2015-decline crossing at 6.13 1/2. First support is the 20-day moving average crossing at 5.35 1/4. Second support is June's low crossing at 4.98 1/4.

July Minneapolis wheat closed down 1 1/4-cents at 6.06 1/4.

July Minneapolis wheat closed lower due to profit taking on Thursday as it consolidates some of the rally off May's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, the the 75% retracement level of the December-May-decline crossing at 6.45 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.72 1/4 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the December-May-decline crossing at 6.23 3/4. Second resistance is the 75% retracement level of the January-May-decline crossing at 6.45 1/2. First support is the 10-day moving average crossing at 5.84. Second support is the 20-day moving average crossing at 5.72 1/4.

SOYBEAN COMPLEX? 

July soybeans closed up 1 1/4-cents at 10.45 1/4.

July soybeans closed higher on Thursday. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, December's high crossing at 10.79 3/4 is the next upside target. Closes below the 20-day moving average crossing at 9.79 1/4 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 10.60 1/4. Second resistance is December's high crossing at 10.79 3/4. First support is the 10-day moving average crossing at 10.08. Second support is the 20-day moving average crossing at 9.79 1/4.

July soybean meal closed down $2.40 at 357.40.

July soybean meal closed lower due to profit taking on Thursday. 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. If July extends the rally off June's low, the 62% retracement level of the 2014-decline crossing at 365.70 is the next upside target. Closes below the 20-day moving average crossing at 328.70 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 363.10. Second resistance is the 62% retracement level of the 2014-decline crossing at 365.70. First support is the 10-day moving average crossing at 341.30. Second support is the 20-day moving average crossing at 328.70.

July soybean oil closed up 35-pts. at 33.36.

July soybean oil closed higher on Thursday. 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 a low might be in or is near. If July extends the rally off June's low, June's high crossing at 35.29 is the next upside target. If July resumes the decline off June's high, May's low crossing at 31.59 is the next downside target. First resistance is last Friday's high crossing at 33.75. Second resistance is June's high crossing at 35.29. First support is June's low crossing at 32.16. Second support is May's low crossing at 31.59.

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