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GRAINS 

July Corn closed down 3 3/4-cents at 3.65 1/2.

July 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes the decline off April's high, January's low crossing at 3.57 1/4 is the next downside target. Closes above the 50-day moving average crossing at 3.73 1/4 are needed to confirm that a low has been posted. First resistance is April's high crossing at 3.79 1/2. Second resistance is March's high crossing at 3.89 1/4. First support is last Friday's low crossing at 3.60 3/4. Second support is January's low crossing at 3.57 1/4.

July wheat closed up a 1/2-cent at 4.31 3/4.

July wheat closed fractionally higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 4.34 3/4 are needed to confirm that a low has been posted. If July renews this month's decline, psychological support crossing at 4.00 is the next downside target. First resistance is the 20-day moving average crossing at 4.34 3/4. Second support is the 50-day moving average crossing at 4.46 3/4. First support is Tuesday's low crossing at 4.16. Second support is psychological support crossing at 4.00.

July Kansas City Wheat closed up 3 1/2-cent at 4.37 1/4.

July Kansas City wheat closed higher on Friday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, last Thursday's high crossing at 4.45 1/4 is the next upside target. If July renews the decline off February's high, psychological support crossing at 4.00 is the next downside target. First resistance is last Thursday's high crossing at 4.45 1/4. Second resistance is the 50-day moving average crossing at 4.51 1/4. First support is April's low crossing at 4.11 1/4. Second support is psychological support crossing at 4.00.

July Minneapolis wheat closed up 1 1/2-cents at 5.54 3/4.

July Minneapolis wheat closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher 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 July extends this week's rally, March's high crossing at 5.66 1/4 is the next upside target. Closes below the 20-day moving average crossing at 5.38 3/4 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 5.58. Second resistance is March's high crossing at 5.66 1/4. First support is the reaction low crossing at 5.30 1/4. Second support is April's low crossing at 5.23 1/2.

SOYBEAN COMPLEX? 

July soybeans closed down 1 3/4-cents at 9.55 1/2.

July soybeans closed lower on Friday. The mid-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 July renews the decline off February's high, weekly support crossing at 9.32 3/4 is the next downside target. If July resumes this month's rally, the 50-day moving average crossing at 9.95 3/4 is the next upside target. First resistance is Monday's high crossing at 9.72 1/2. Second resistance is the 50-day moving average crossing at 9.95 3/4. First support is April's low crossing at 9.41 1/4. Second support is weekly support crossing at 9.32 3/4.

July soybean meal closed up $0.40 at 315.20.

July soybean meal closed slightly higher 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 bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, April's low crossing at 309.60 is the next downside target. If July renews the rally off April's low, the 50-day moving average crossing at 325.70 is the next upside target. First resistance is the reaction high crossing at 323.60. Second resistance is the 50-day moving average crossing at 325.70. First support is April's low crossing at 309.60. Second support is last September's low crossing at 301.40.

July soybean oil closed down 24-pts. at 31.72.

July soybean oil 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off December's high, the 75% retracement level of the 2015-2016-rally crossing at 30.99 is the next downside target. If July extends the rally off April's low, the 50-day moving average crossing at 32.69 is the next upside target. First resistance is Wednesday's high crossing at 32.50. Second resistance is the 50-day moving average crossing at 32.69. First support is the 75% retracement level of the 2015-2016-rally crossing at 30.99. Second support is the 87% retracement level of the 2015-2016-rally crossing at 29.74.

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