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GRAINS 

March Corn closed up 4 1/2-cents at 3.47.

March corn closed higher on Friday as it consolidated some of this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the reaction low crossing at 3.35 is the next downside target. Closes above the 50-day moving average crossing at 3.54 1/4 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 3.65 1/4. Second resistance is October's high crossing at 3.69. First support is Thursday's low crossing at 3.41 3/4. Second support is the reaction low crossing at 3.35.

March wheat closed up 8 3/4-cents at 4.04 1/4.

March wheat closed higher due to short covering on Friday as it consolidated some of this week's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 87% retracement level of the 1999-2008-rally crossing at 3.67 1/4 is the next downside target. Closes above the 50-day moving average crossing at 4.24 1/2 would confirm that a low has been posted. First resistance is the reaction high crossing at 4.29 3/4. Second resistance is October's high crossing at 4.45 3/4. First support is Thursday's low crossing at 3.93. Second support is the 87% retracement level of the 1999-2008-rally crossing at 3.67 1/4.

March Kansas City Wheat closed up 5 3/4-cents at 4.08 3/4.

March Kansas City wheat closed higher due to short covering on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off October's high, weekly support crossing at 3.95 1/4 is the next downside target. Closes above the 50-day moving average crossing at 4.28 3/4 would confirm that a low has been posted. First resistance is the reaction high crossing at 4.36. Second resistance is November's high crossing at 4.39 3/4. First support is Thursday's low crossing at 4.01. Second support is weekly support crossing at 3.95 1/4.

March Minneapolis wheat closed unchanged at 5.38 1/2.

March Minneapolis wheat closed unchanged on Friday as it consolidated some of the rally off November'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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off August's low, the 62% retracement level of the June-August-decline crossing at 5.54 3/4 is the next upside target. Closes below the 50-day moving average crossing at 5.25 1/4 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the June-August-decline crossing at 5.42 1/4. Second resistance is the 62% retracement level of the June-August-decline crossing at 5.54 3/4. First support is the 50-day moving average crossing at 5.25 1/4. Second support is November's low crossing at 5.12 1/2.

SOYBEAN COMPLEX? 

January soybeans closed down 1 1/4-cents at 10.28 1/2.

January soybeans closed lower due to profit taking on Friday as it consolidated some of the rally off September's low. 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 10.11 would confirm that a short-term top has been posted. If January renews the rally off September's low, the 62% retracement level of the June-September-decline crossing at 10.90 is the next upside target. First resistance is the 50% retracement level of the June-September-decline crossing at 10.61 1/2. Second residential is the 62% retracement level of the June-September-decline crossing at 10.90. First support is the 20-day moving average crossing at 10.11. Second support is the 50-day moving average crossing at 9.92.

March soybean meal closed up $0.40 at 316.00.

March soybean meal closed higher due to short covering on Friday as it consolidated some of this week'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. Closes below the 50-day moving average crossing at 312.40 are needed to confirm that a short-term top has been posted. If March renews the rally off September's low, the 38% retracement level of the June-September-decline crossing at 333.00 is the next upside target. First resistance is Monday's high crossing at 331.70. Second resistance is the 38% retracement level of the June-September-decline crossing at 333.00. First support is the 50-day moving average crossing at 312.40. Second support is November's low crossing at 308.40.

March soybean oil closed down 13-pts. at 37.99.

March soybean oil posted an inside day with a lower close on Friday as it consolidated some of the rally off November's low. 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 March extends the rally off November's low, the June-2014 high on the weekly continuation chart crossing at 41.25 is the next downside target. Closes below the 20-day moving average crossing at 35.80 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 38.30. Second resistance is the June-2014 high on the weekly continuation chart crossing at 41.25. First support is the 20-day moving average crossing at 35.80. Second support is the 50-day moving average crossing at 35.16.

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