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GRAINS

December Corn closed down 6 3/4-cents at 3.53.

December corn closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but are 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 3.70 is the next upside target. Closes below the 20-day moving average crossing at 3.41 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.65. Second resistance is the reaction high crossing at 3.70. First support is the 20-day moving average crossing at 3.41 1/2. Second support is October's low crossing at 3.18 1/4.

December wheat closed down 9-cents at 5.17 3/4.

December wheat posted a key reversal down on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night 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 5.02 3/4 are needed to confirm that a short-term top has been posted. If December extends this month's rally, the reaction high crossing at 5.42 is the next upside target. First resistance is today's high crossing at 5.39 1/4. Second resistance is the reaction high crossing at 5.42. First support is the 20-day moving average crossing at 5.02 3/4. Second support is September's low crossing at 4.66 1/4.

December Kansas City Wheat closed down 11 1/2-cents at 5.93 3/4.

December Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 5.84 1/2 would confirm that a short-term top has been posted. If December extends this month's rally, the reaction high crossing at 6.29 is the next upside target. First resistance is Thursday's high crossing at 6.05 1/4. Second resistance is the reaction high crossing at 6.29. First support is the 20-day moving average crossing at 5.84 1/2. Second support is October's low crossing at 5.57 1/2.

December Minneapolis wheat closed down 4-cents at 5.67.

December Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night 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 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 5.57 1/2 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 5.84. 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 5.57 1/2. Second support is October's low crossing at 5.25.

SOYBEAN COMPLEX? 

November soybeans closed down 15 3/4-cents at 9.77 1/2.

November soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends this week's rally, the reaction high crossing at 10.28 is the next upside target. Closes below the 20-day moving average crossing at 9.44 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.02. Second resistance is the reaction high crossing at 10.28. First support is the 20-day moving average crossing at 9.44 3/4. Second support is October's low crossing at 9.04.

December soybean meal closed down $2.20 at 350.20.

December soybean meal closed lower due to profit taking on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. 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 62% retracement level of this year's decline crossing at 367.20 is the next upside target. Closes below the 20-day moving average crossing at 320.20 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of this year's decline crossing at 353.40. Second resistance is the 62% retracement level of this year's decline crossing at 367.20. First support is the 10-day moving average crossing at 334.70. Second support is the 20-day moving average crossing at 320.20.

December soybean oil closed down 28 pts. at 32.39.

December soybean oil closed lower on Friday. The mid-range close sets the stage for a steady opening when Monday'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 resumes this year's decline, weekly support crossing at 29.57 is the next downside target. If December resumes the rally off September's low, the 25% retracement level of this summer's decline crossing at 34.41 is the next upside target. First resistance is September's high crossing at 33.83. Second resistance is the 25% retracement level of this summer's decline crossing at 34.41. First support is September's low crossing at 31.52. Second support is weekly support crossing at 29.57.

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