S&P 500
2098.87
-8.91 -0.42%
Dow Indu
18090.77
-112.60 -0.62%
Nasdaq
4972.46
-7.44 -0.15%
Crude Oil
51.56
+1.04 +2.05%
Gold
1201.85
-5.02 -0.42%
Euro
1.1066
-0.0111 -0.99%
US Dollar
95.972
+0.602 +0.77%
Strong

Market Commentary

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

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

GRAINS

May corn was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, January's low crossing at 3.73 3/4 is the next downside target. If May extends the rally off last Wednesday's low, the reaction high crossing at 3.92 is the next upside target. First resistance is the reaction high crossing at 3.92. Second resistance is the reaction high crossing at 4.14 1/2. First support is last Wednesday's low crossing at 3.79 1/2. Second support is January's low crossing at 3.73 3/4. Third support is the 62% retracement level of the October-December-rally crossing at 3.72.

May wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, last September's low crossing at 4.80 1/2 is the next downside target. Multiple closes above the 20-day moving average crossing at 5.15 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.15 1/4. Second resistance is February's high crossing at 5.45. First support is last Thursday's low crossing at 4.89 3/4. Second support is last September's low crossing at 4.80 1/2.

May Kansas City Wheat closed up 9 1/2-cents at 5.35 1/4.

May Kansas City wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher 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 May extends the decline off December's high, monthly support crossing at 4.95 is the next downside target. Closes above the 20-day moving average crossing at 5.49 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 5.49 1/4. Second resistance is the reaction high crossing at 5.66 1/4. First support is Monday's low crossing at 5.25 3/4. Second support is monthly support crossing at 4.95.

May Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.72 are needed to confirm that a short-term low has been posted. If May extends the decline off February's high, weekly support crossing at 5.41 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.72. Second resistance is February's high crossing at 6.02. First support is last Friday's low crossing at 5.48 3/4. Second support is weekly support crossing at 5.41 1/4.

SOYBEAN COMPLEX? 

May soybeans were lower overnight as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 10.00 1/2 would confirm that a short-term top has been posted. If May extends the rally off January's low, the 62% retracement level of the November-January-decline crossing at 10.42 3/4 is the next upside target. First resistance is the 62% retracement level of the November-January-decline crossing at 10.42 3/4. Second resistance is the 75% retracement level of the November-January-decline crossing at 10.60 1/4. First support is the 20-day moving average crossing at 10.00 1/2. Second support is the reaction low crossing at 9.94 1/2.

May soybean meal was lower overnight as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when the day 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 332.10 would confirm that a short-term top has been posted. If May extends the rally off January's low, December's high crossing at 358.50 is the next upside target. First resistance is February's high crossing at 351.70. Second resistance is December's high crossing at 358.50. First support is the 20-day moving average crossing at 332.10. Second support is February's low crossing at 318.70.

May soybean oil was lower due to profit taking overnight as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 32.11 would confirm that a short-term top has been posted. If May extends the rally off January's low, the reaction high crossing at 33.58 is the next upside target. First resistance is the reaction high crossing at 33.58. Second resistance is January's high crossing at 34.16. First support is the 20-day moving average crossing at 32.11. Second support is last Tuesday's low crossing at 31.06. Third support is January's low crossing at 29.59.

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

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