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Weak

Market Commentary

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

GRAINS

May corn was lower overnight as it consolidates some of Tuesday's rally. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the 38% retracement level of the January-April-rally crossing at 4.79 is the next downside target. Closes above the 10-day moving average crossing at 4.98 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.98. Second resistance is April's high crossing at 5.19. First support is Monday's low crossing at 4.85 1/2. Second support is the 38% retracement level of the January-April-rally crossing at 4.79.

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 extends Monday's decline, the 50% retracement level of the January-March-rally crossing at 6.38 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.81 would temper the bearish outlook. First resistance is the 20-day moving average crossing at 6.81. Second resistance is last Wednesday's high crossing at 7.11. First support is the 38% retracement level of this year's rally crossing at 6.58 3/4. Second support is the 50% retracement level of this year's rally crossing at 6.38 1/2.

May Kansas City Wheat closed up 7 1/4-cents at 7.41 1/4.

May Kansas City wheat closed higher due to short covering on Tuesday as it consolidates some of Monsday's decline. Today's high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish with Monday's decline signaling that sideways to lower prices are possible near-term. If May renews last week's rally, March's high crossing at 7.94 1/2 is the next upside target. First resistance is last Tuesday's high crossing at 7.65 1/2. Second resistance is March's high crossing at 7.94 1/2. First support is the reaction low crossing at 7.19. Second support is the reaction low crossing at 7.11 1/4.

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 later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends Monday's decline, the 50% retracement level of this year's rally crossing at 6.82 1/2 is the next downside target. Closes above the 20-day moving average crossing at 7.26 would temper the near-term bearish outlook. First resistance is last Wednesday's high crossing at 7.48 1/4. Second resistance is March's high crossing at 7.70. First support is the 38% retracement level of this year's rally crossing at 7.03 1/4. Second support is the 50% retracement level of this year's rally crossing at 6.82 1/2.

SOYBEAN COMPLEX 

May soybeans were lower due to profit taking overnight as it extends this week's decline. 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 14.76 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May renews this year's rally, monthly resistance crossing at 15.61 is the next upside target. First resistance is last Thursday's high crossing at 15.31 3/4. Second resistance is monthly resistance crossing at 15.61. First support is the 20-day moving average crossing at 14.76. Second support is the reaction low crossing at 14.23.

May soybean meal was lower overnight as it extends the decline off last Thursday'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 hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 479.10 would confirm that a short-term top has been posted. If May renews the rally off March's low, weekly resistance crossing at 505.90 is the next upside target. First resistance is last Thursday's high crossing at 495.90. Second resistance is weekly resistance crossing at 505.90. First support is the 20-day moving average crossing at 479.10. Second support is the reaction low crossing at 472.00.

May soybean oil was lower due to profit taking overnight. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 41.96 would confirm that a short-term top has been posted. If May renews this month's rally, March's high crossing at 45.05 is the next upside target. First resistance is last Wednesday's high crossing at 43.74. Second resistance is March's high crossing at 45.05. First support is the 20-day moving average crossing at 41.96. Second support is the reaction low crossing at 41.11.

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