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GRAINS

December corn was fractionally higher due to short covering overnight as it consolidates some of this week's decline but remains below broken support marked by the 20-day moving average crossing at 3.71. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the reaction low crossing at 3.59 is the next downside target. If December resumes the rally off October's low, the 25% retracement level of the 2011-2014-decline crossing at 3.92 1/2 is the next upside target. First resistance is last Thursday's high crossing at 3.89. Second resistance is the 25% retracement level of the 2011-2014-decline crossing at 3.92 1/2. First support is the reaction low crossing at 3.59. Second support is the reaction low crossing at 3.48 1/2.

December wheat was lower overnight as it consolidates some of the rally off September'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.33 3/4 would confirm that a short-term top has been posted. If December renews the aforementioned rally, the 38% retracement level of the May-September decline crossing at 5.80 1/2 is the next upside target. First resistance is last Friday's high crossing at 5.64 3/4. Second resistance is the 38% retracement level of the May-September decline crossing at 5.80 1/2. First support is he 20-day moving average crossing at 5.33 3/4. Second support is the reaction low crossing at 5.11.

December Kansas City Wheat closed down 7 1/4-cents at 5.86 1/4.

December Kansas City wheat closed lower on Wednesday and below the 10-day moving average crossing at 5.88 1/2 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the reaction low crossing at 5.69 is the next downside target. Closes above the 20-day moving average crossing at 5.92 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 5.92 3/4. Second resistance is last Thursday's high crossing at 6.05 1/4. First support is the reaction low crossing at 5.69. Second support is October's low crossing at 5.57 1/2.

December Minneapolis wheat was fractionally lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 5.72 1/2 would confirm that a short-term top has been posted. If December resumes the rally off November's low, the 25% retracement level of the May-September decline crossing at 6.01 1/4 is the next upside target. First resistance is last Friday's high crossing at 5.94. Second resistance is the 25% retracement level of the April-September-decline crossing at 6.01. First support is the 10-day moving average crossing at 5.72 1/2. Second support is last Monday's low crossing at 5.41 1/4.

SOYBEAN COMPLEX 

January soybeans were higher overnight as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends this week's decline, the reaction low crossing at 9.95 1/4 is the next downside target. Closes above the 10-day moving average crossing at 10.32 1/4 would temper the near-term bearish outlook. First resistance is the 50% retracement level of this year's decline crossing at 10.96 3/4. Second resistance is the 62% retracement level of this year's decline crossing at 11.41. First support is the reaction low crossing at 9.95 1/4. Second support is the reaction low crossing at 9.43 1/2.

December soybean meal was lower overnight as it extends this week's decline. The mid-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 December extends this week's decline, the 50% retracement level of the October-November-rally crossing at 356.60 is the next downside target. Closes above the 10-day moving average crossing at 384.30 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 384.30. Second resistance is last Wednesday's high crossing at 417.60. First support is the 50% retracement level of the October-November-rally crossing at 356.60. Second support is the 62% retracement level of the October-November-rally crossing at 342.10.

December soybean oil was lower overnight as it extends the trading range of the past two and a half months. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December resumes this month's decline, September's low crossing at 31.52 is the next downside target. Closes above last Wednesday's high crossing at 33.40 would temper the bearish outlook. First resistance is the 25% retracement level of the April-September-decline crossing at 34.41. Second resistance is the 38% retracement level of the April-September-decline crossing at 36.24. First support is September's low crossing at 31.52. Second support is weekly support crossing at 29.57.

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