S&P 500
1880.05
-35.40 -1.88%
Dow Indu
16204.97
-211.61 -1.31%
Nasdaq
4359.60
-149.96 -3.44%
Crude Oil
30.89
-0.69 -2.23%
Gold
1173.53
0.00 0.00%
Euro
1.116025
+0.000125 +0.01%
US Dollar
96.951
+0.394 +0.51%
Weak

Market Commentary

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

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

GRAINS

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

March 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.65 1/2 would confirm that a short-term top has been posted. If March renews the rally off January's low, December's high crossing at 3.82 is the next upside target. First resistance is Tuesday's high crossing at 3.73 3/4. Second resistance is December's high crossing at 3.82. First support is the 20-day moving average crossing at 3.65 1/2. Second support is January's low crossing at 3.48 1/2.

March wheat closed down 6 1/4-cents at 4.66 1/2.

March wheat closed lower on Friday and below the reaction low crossing at 4.70 1/2 confirming that a short-term top has been posted. 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 March extends this week's decline, January's low crossing at 4.56. If March resumes the rally off January's low, December's high crossing at 4.99 is the next upside target. First resistance is the reaction high crossing at 4.88 1/2. Second resistance is December's high crossing at 4.99. First support is January's low crossing at 4.56. Second support is weekly support crossing at 4.47.

March Kansas City Wheat closed down 5 3/4-cents at 4.54.

March Kansas City wheat closed lower on Friday and posted a new contract low as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, weekly support crossing at 4.33 is the next downside target. Closes above the 20-day moving average crossing at 4.69 1/4 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 4.81 3/4. Second resistance is December's high crossing at 4.96 3/4. First support is Januay's low crossing at 4.51 3/4. Second support is weekly support crossing at 4.33.

March Minneapolis wheat closed down 3 1/4-cents at 4.91 1/4.

March 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. Closes below the reaction low crossing at 4.90 1/4 are needed to confirm that a short-term top has been posted. If March renews the rally off January's low, December's high crossing at 5.24 is the next upside target. First resistance is the reaction high crossing at 5.08. Second resistance is December's high crossing at 5.24. First support is January's low crossing at 4.82 1/4. Second support is weekly support crossing at 4.77 1/4.

SOYBEAN COMPLEX? 

March soybeans closed down 5 3/4-cents at 8.68 3/4.

March soybeans closed lower on Friday while extending a three-week old trading range. 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. Closes below last Friday's low crossing at 8.67 would open the door for a possible test of January's low crossing at 8.52. If March renews the rally off January's low, the reaction high crossing at 8.97 is the next upside target. First resistance is the reaction high crossing at 8.97. Second resistance is December's high crossing at 9.11 1/2. First support is January's low crossing at 8.52. Second support is November's low crossing at 8.44 1/4.

March soybean meal closed down $2.50 at 265.10.

March soybean meal closed lower on Friday while extending January's trading range. 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. Today's close below last Thursday's low crossing at 266.00 confirms that a short-term top has been posted. If March extends today's decline, January's low crossing at 263.80 is the next downside target. First resistance is the reaction high crossing at 277.20. Second resistance is the reaction high crossing at 284.60. First support is today's low crossing at 264.20. Second support is January's low crossing at 263.80.

March soybean oil closed up 4-pts. at 31.28.

March soybean oil closed lower on Friday as it extends the rally off January's low. 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 March extends the rally off January's low, December's high crossing at 32.72 is the next upside target. Closes below the 20-day moving average crossing at 30.30 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 32.29. Second resistance is December's high crossing at 32.72. First support is the 10-day moving average crossing at 30.87. Second support is the 20-day moving average crossing at 30.30.

© Copyright INO.com, Inc. All Rights Reserved.