S&P 500
1983.53
+9.90 +0.50%
Dow Indu
17113.54
+61.81 +0.36%
Nasdaq
4456.63
+31.93 +0.72%
Crude Oil
102.00
-0.39 -0.38%
Gold
1307.450
-0.625 -0.05%
Euro
1.34619
-0.00011 -0.01%
US Dollar
80.786
+0.006 +0.01%
Strong

Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

GRAINS

December Corn closed down 3 3/4-cents at 3.68 1/4.

December corn closed lower on Tuesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 summer's decline, monthly support crossing at 3.48 is the next downside target. Closes above the 20-day moving average crossing at 4.05 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.05. Second resistance is the July 7th gap crossing at 4.14 1/2. First support is today's low crossing at 3.68. Second support is monthly support crossing at 3.48.

December wheat closed down 5 1/2-cents at 5.48 3/4.

December wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If December extends the decline off May's high, psychologial support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.79 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.79 1/2. Second resistance is last Thursday's high crossing at 5.84 1/2. First support is last Monday's low crossing at 5.46 1/4. Second support is psychologial support crossing at 5.00.

December Kansas City Wheat closed down 7-cents at 6.32 3/4.

December Kansas City wheat closed lower on Tuesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, January's low crossing at 6.22 is the next downside target. Closes above the 20-day moving average crossing at 6.76 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.50. Second resistance is the 20-day moving average crossing at 6.76. First support is today's low crossing at 6.32. Second support is January's low crossing at 6.22.

December Minneapolis wheat closed down 6-cents at 6.27 3/4.

December Minneapolis wheat close lower on Tuesday as it extends this summer's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the decline off May's high, January's low crossing at 6.25 is the next downside target. Closes above the 20-day moving average crossing at 6.64 1/4 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.43. Second resistance is the 20-day moving average crossing at 6.64 1/4. First support is today's low crossing at 6.27 1/2. Second support is January's low crossing at 6.25.

SOYBEAN COMPLEX? 

November soybeans closed down 13 3/4-cents at 10.57 3/4.

November soybeans closed lower on Tuesday as it renewed this summer's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If November renews the decline off May's high, weekly support crossing at 10.54 is the next downside target. Closes above the 20-day moving average crossing at 11.30 would confirm that a low has been posted. First resistance is last Thursday's high crossing at 11.18 3/4. Second resistance is the 20-day moving average crossing at 11.30. First support is today's low crossing at 10.57. Second support is weekly support crossing at 10.54.

December soybean meal closed down $5.10 at 341.70.

December soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 May's high, January's low crossing at 337.10 is the next downside target. Closes above the 20-day moving average crossing at 361.90 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 361.90. Second resistance is last Thursday's high crossing at 366.60. First support is the reaction low cossing at 340.00. Second support is January's low crossing at 337.10.

December soybean oil closed down 23-pts. At 36.03.

December soybean oil closed lower on Tuesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends this month's decline, weekly support crossing at 35.87 is the next downside target. Closes above the 20-day moving average crossing at 38.21 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 36.85. Second resistance is the 20-day moving average crossing at 38.21. First support is today's low crossing at 36.01. Second support is weekly support crossing at 35.87.

INO.com on Facebook INO.com MarketClub on Twitter INO.com on Google+ INO.com YouTube

© Copyright INO.com, Inc. All Rights Reserved.