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GRAINS 

March Corn closed down 1 3/4-cents at 3.51 1/4.

March corn closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 reaction high crossing at 3.54 3/4 are needed to confirm that a short-term low has been posted. Closes below December's low crossing at 3.46 1/2 would renew the decline off last year's high while opening the door for a possible test of weekly support crossing at 3.32. First resistance is the reaction high crossing at 3.54 3/4. Second resistance is December's high crossing at 3.60 1/2. First support is December's low crossing at 3.46 1/2. Second support is weekly support crossing at 3.32.

March wheat closed up 3 1/4-cents at 4.24 3/4.

March wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 4.37 are needed to confirm that a short-term low has been posted. If March renews the decline off last Friday's high, December's low crossing at 4.10 1/2 is the next downside target. First resistance is the reaction high crossing at 4.37. Second resistance is December's high crossing at 4.60 3/4. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.

March Kansas City Wheat closed up 2 1/2-cents at 4.29 1/2.

March Kansas City wheat closed higher on Thursday as it consolidates some of this week's decline but remains below the 20-day moving average crossing at 4.30. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews this week's decline, December's low crossing at 4.10 1/2 is the next downside target. If March resumes the rally off December's low, November's high crossing at 4.51 1/2 is the next upside target. First resistance is last Friday's high crossing at 4.43. Second resistance is November's high crossing at 4.51 1/2. First support is the reaction low crossing at 4.17 1/4. Second support is December's low crossing at 4.10 1/2.

March Minneapolis wheat closed down 1 1/4-cents at 6.10 1/2.

March Minneapolis wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night 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 March extends this month's decline, December's low crossing at 6.05 is the next downside target. If March renews the rally off December's low, the reaction high crossing at 6.51 is the next upside target. First resistance is last Wednesday's high crossing at 6.34 1/2. Second resistance is the reaction high resistance crossing at 6.51. First support is December's low crossing at 6.05. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.

SOYBEAN COMPLEX? 

March soybeans closed up 3 3/4-cents at 9.72 1/2.

March soybeans closed higher on Thursday as it extends the rally off last Friday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 9.77 are needed to confirm that a short-term low has been posted. If March renews the decline off December's high, August low crossing at 9.37 1/2 is the next downside target. First resistance is the reaction high crossing at 9.77. Second resistance is the 50-day moving average crossing at 9.84 1/2. First support is last Friday's low crossing at 9.44 1/2. Second support is August's low crossing at 9.37 1/2.

March soybean meal closed up $3.70 at 328.00.

March soybean meal closed higher on Thursday as it extends the rally off last Friday's low. The high-range close sets the stage for a steady to higher opening when Friday'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 last Friday's low, the 50% retracement level of the December-January-decline crossing at 330.80 is the next upside target. Closes below the 20-day moving average crossing at 319.10 would confirm that a short-term top has been posted. First resistance is the the 50% retracement level of the December-January-decline crossing at 330.80. Second resistance is the 62% retracement level of the December-January-decline crossing at 335.60. First support is last Friday's low crossing at 310.30. Second support is last September's low crossing at 301.10.

March soybean oil closed down 22 pts. At 32.29.

March soybean oil closed lower on Thursday extending the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's night 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 March extends this month's decline, last June's low crossing at 31.85 is the next downside target. Closes above the 20-day moving average crossing at 33.22 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33.22. Second resistance is the 50-day moving average crossing at 33.83. First support is today's low crossing at 32.21. Second support is last June's low crossing at 31.85.

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