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GRAINS 

December Corn closed down 3-cents at 3.60.

December corn closed lower on Tuesday as it extended the decline off July's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December extends the decline off July's high, last August's low crossing at 3.58 1/2 is the next downside target. Closes above the 20-day moving average crossing at 3.76 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.69 1/2. Second resistance is the 20-day moving average crossing at 3.76 1/2. First support is today's low crossing at 3.60. Second support is last August's low crossing at 3.58 1/2.

December wheat closed down 7 1/2-cents at 4.29 1/2.

December wheat closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December extends the decline off July's high, psychological support crossing at 4.00 then weekly support crossing at 3.92 3/4 are the next downside targets. Closes above the 20-day moving average crossing at 4.73 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.54 1/4. Second resistance is the 20-day moving average crossing at 4.73 3/4. First support is psychological support crossing at 4.00. Second support is weekly support crossing at 3.92 3/4.

December Kansas City Wheat closed down 8 3/4-cents at 4.27.

December Kansas City wheat closed lower on Tuesday as it extends the decline off July's high. 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 aforementioned decline, weekly support crossing at 4.11 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.75 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.54 3/4. Second resistance is the 20-day moving average crossing at 4.75 1/2. First support is today's low crossing at 4.26 3/4. Second support is weekly support crossing at 4.11 1/4.

December Minneapolis wheat closed down 12 3/4-cents at 6.56 1/4.

December Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December resumes the decline off July's high, the 75% retracement level of the April-July-rally crossing at 6.18 1/2 is the next downside target. Closes above the 20-day moving average crossing at 7.13 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6.88. Second resistance is the 20-day moving average crossing at 7.13 1/4. First support is last Monday's low crossing at 6.52 1/2. Second support is the 75% retracement level of the April-July-rally crossing at 6.18 1/2.

SOYBEAN COMPLEX? 

November soybeans closed up 1 1/4-cents at 9.37 1/2.

November soybeans closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 9.61 1/4 would confirm that a low has been posted. If November resumes the decline off July's high, June's low crossing at 9.07 is the next downside target. First resistance is the 10-day moving average crossing at 9.39 1/2. Second resistance is the 20-day moving average crossing at 9.61 1/4. First support is the 87% retracement level of the June-July-rally crossing at 9.25. Second support is June's low crossing at 9.07.

December soybean meal closed down $0.40 at 298.60.

December soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December extends the decline off July's high, June's low crossing at 295.40 is the next downside target. Closes above the 20-day moving average crossing at 310.30 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 301.80. Second resistance is the 20-day moving average crossing at 310.30. First support last Wednesday's low crossing at 297.40. Second support is June's low crossing at 295.40.

December soybean oil closed up 25-pts. at 34.42.

December soybean oil closed lower on Tuesday as it extends the rally off last Wednesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 extends the rally off last Wednesday's low, August's high crossing at 35.15 is the next upside target. If December renews the decline off July's high, July's low crossing at 32.48 is the next downside target. First resistance is August's high crossing at 35.15. Second resistance is July's high crossing at 35.58. First support is July's low crossing at 32.48. Second support is the reaction low crossing at 31.91.

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