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Market Commentary

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INO.com’s Daily Market Analysis

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GRAINS 

December Corn was down 1 1/2-cents at 3.92 3/4.

December corn was lower overnight as it extends last week's sharp decline. Trading is likely to remain subdued ahead of Thursday's USDA planted acreage and grain stocks report. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends last week's decline, May's low crossing at 3.75 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.21 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.10 1/4. Second resistance is the 20-day moving average crossing at 4.21 1/2. First support is last Friday's low crossing at 3.82 1/2. Second support is May's low crossing at 3.75 1/4.

December wheat was up 1 1/4-cents at 4.78 1/4.

December wheat was higher due to short covering overnight as it consolidates some of this month's decline. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, psychological support crossing at 4.50 is the next downside target. Closes above the 20-day moving average crossing at 5.09 1/2 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 4.91 1/2. Second resistance is the 20-day moving average crossing at 5.09 1/2. First support is last Friday's low crossing at 4.73 1/4. Second support is psychological support crossing at 4.50.

December Kansas City Wheat closed down 3-cents at 4.54.

December Kansas City wheat closed lower on Tuesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, monthly support crossing at 4.33 is the next downside target. Closes above the 20-day moving average crossing at 5.09 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.05. Second resistance is the 20-day moving average crossing at 5.09. First support is today's low crossing at 4.52 3/4. Second support is monthly support crossing at 4.33.

December Minneapolis wheat was down 3/4-cents at 5.28.

December Minneapolis wheat was steady to fractionally lower overnight as it extends this month'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, March's low crossing at 5.17 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.54 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.44 1/4. Second resistance is the 20-day moving average crossing at 5.54 1/2. First support is the overnight low crossing at 5.28. Second support is March's low crossing at 5.17 3/4.

SOYBEAN COMPLEX? 

August soybeans were down 3 1/4-cents at 11.43.

August soybeans were lower overnight as they consolidate some of this week's gains. 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 bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 11.44 1/2 are needed to confirm that a short-term low has been posted. If August renews the decline off June's high, the 38% retracement level of the March-June-rally crossing at 10.75 1/2 is the next downside target. First resistance is June's high crossing at 12.05. Second resistance is the May-2014 high crossing at 12.14 1/2. First support is last Friday's low crossing at 10.97 1/2. Second support is the 38% retracement level of the March-June-rally crossing at 10.75 1/2.

August soybean meal was down $1.10 at 392.40.

August soybean meal was lower overnight. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 398.60 would confirm that a short-term low has been posted. If August extends this month's decline, the 38% retracement level of the February-June-rally crossing at 361.60 is the next downside target. First resistance is June's high crossing at 421.40. Second resistance is weekly resistance crossing at 439.70. First support is the 38% retracement level of the February-June-rally crossing at 361.60. Second support is the 50% retracement level of the February-June-rally crossing at 342.80.

August soybean oil was down 19-pts. at 31.06.

August soybean oil was lower overnight as it extends the decline off June'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the 62% retracement level of the August-April-rally crossing at 30.16 is the next downside target. Closes above the 20-day moving average crossing at 32.07 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 32.07. Second resistance is June's high crossing at 33.47. First support is May's low crossing at 30.90. Second support is the 62% retracement level of the August-April-rally crossing at 30.16.

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