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GRAINS 

July Corn closed down 5 3/4-cents at 3.66.

July corn closed lower on Wednesday erasing most of Tuesday's gains. The weather forecast is wet as we move into the first week of May corn, which could lead to corn planting falling behind normal. US corn is competitive on the world market and cash basis levels have improved to offer support on price breaks. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's decline, January's low crossing at 3.57 1/4 is the next downside target. Closes above the 50-day moving average crossing at 3.74 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 Monday's low crossing at 3.60 3/4. Second support is January's low crossing at 3.57 1/4.

July wheat closed down 1-cents at 4.26.

July wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 20-day moving average crossing at 4.35 1/4 are needed to confirm that a low has been posted. If July extends 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 4.35 1/4. Second support is the 50-day moving average crossing at 4.48 1/2. 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 a 1/2-cent at 4.25 1/4.

July Kansas City wheat closed fractionally higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Thursday's high crossing at 4.45 1/4 would confirm that a short-term low has been posted. If July extends 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 4.53 1/2. First support is last Friday's low crossing at 4.11 1/4. Second support is psychological support crossing at 4.00.

July Minneapolis wheat closed up 6 1/4-cents at 5.50 3/4.

July Minneapolis wheat closed higher on Wednesday and above the 50-day moving average crossing at 5.46 1/2 opening the door for additional short-term gains. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, the reaction high crossing at 5.58 3/4 is the next upside target. If July renews this year's decline, April's low crossing at 5.23 1/2 is the next downside target. First resistance is April's high crossing at 5.53 1/2. Second resistance is the reaction high crossing at 5.58 3/4. First support is April's low crossing at 5.23 1/2. Second support is the reaction low crossing at 5.17 3/4.

SOYBEAN COMPLEX? 

July soybeans closed down 9-cents at 9.56.

July soybeans closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 February's high, weekly support crossing at 9.32 3/4 is the next downside target. If July extends this month's rally, the 50-day moving average crossing at 10.00 1/4 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 10.00 1/4. 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 down $4.30 at 313.40.

July soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 today's decline, April's low crossing at 309.60 is the next downside target. If July renews the rally off last Tuesday's low, the 50-day moving average crossing at 327.10 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 327.10. 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 up 31-pts. at 32.16.

July soybean oil closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 rally, the 50-day moving average crossing at 32.80 is the next upside target. 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. First resistance is today's high crossing at 32.50. Second resistance is the 50-day moving average crossing at 32.80. 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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