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GRAINS

December Corn closed up 6 3/4-cents at 3.74 1/4.

December corn closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral hinting that sideways trading is possible near-term. If December renews the rally off October's low, the 25% retracement level of this year's decline crossing at 3.92 1/2 is the next upside target. If December extends the decline off November's high, the reaction low crossing at 3.59 is the next downside target. First resistance is November's high crossing at 3.89 3/4. Second resistance is the 25% retracement level of this year's 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 closed up 9 1/4-cents at 5.51 1/2.

December wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off September's low, the reaction high crossing at 5.79 1/4 is the next upside target. Closes below the 20-day moving average crossing at 5.38 are needed to confirm that a short-term top has been posted. First resistance is November's high crossing at 5.64 3/4. Second resistance is the reaction high crossing at 5.79 1/4. First support is the 20-day moving average crossing at 5.38. Second support is the reaction low crossing at 5.11 1/4.

December Kansas City Wheat closed up 13-cents at 6.17 1/4.

December Kansas City wheat closed higher on Monday as it renewed the rally off September's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the reaction high crossing at 6.29 is the next upside target. Closes below the 20-day moving average crossing at 5.94 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 6.18. Second resistance is the reaction high crossing at 6.29. First support is the 20-day moving average crossing at 5.94 1/4. Second support is the reaction low crossing at 5.69.

December Minneapolis wheat closed up 11 3/4-cents at 5.90 3/4.

December Minneapolis wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 25% retracement level of the May-October-decline crossing at 6.01 is the next upside target. Closes below the 20-day moving average crossing at 5.74 1/4 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 5.94. Second resistance is the 25% retracement level of the May-October-decline crossing at 6.01. First support is the 20-day moving average crossing at 5.74 1/4. Second support is November's low crossing at 5.41 1/4.

SOYBEAN COMPLEX? 

January soybeans closed up 17 1/4-cents at 10.51.

January soybeans closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off October's low, the 50% retracement level of the 2013-2014-decline crossing at 11.14 1/4 is the next upside target. If January renews the decline off November's high, the reaction low crossing at 9.95 1/4 is the next downside target. First resistance is the reaction high crossing at 10.86 1/4. Second resistance is the 50% retracement level of the 2013-2014-decline crossing at 11.14 1/4. First support is last Wednesday's low crossing at 10.03 3/4. Second support is the reaction low crossing at 9.95 1/4.

December soybean meal closed up $15.70 at 390.60.

December soybean meal closed sharply higher on Tuesday and above the 20-day moving average crossing at 383.40 thereby tempering the bearish outlook. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews this fall's rally, monthly resistance crossing at 439.10 is the next upside target. First resistance is November's high crossing at 417.60. Second resistance is monthly resistance crossing at 439.10. First support is last Thursday's low crossing at 365.00. Second support is the reaction low crossing at 364.00.

December soybean oil closed up 22-pts. at 33.42.

December soybean oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, October's high crossing at 34.95 is the next upside target. If December resumes this year's decline, weekly support crossing at 29.57 is the next downside target. First resistance is September's high crossing at 33.83. Second resistance is October's high crossing at 34.95. First support is September's low crossing at 31.52. Second support is weekly support crossing at 29.57.

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