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December corn was steady to fractionally higher overnight as it consolidates some last-week's decline. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. If December resumes the aforementioned rally, the 50% retracement level of the May-September-decline crossing at 3.85 3/4 is the next upside target. Closes below the 50-day moving average crossing at 3.64 1/2 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Monday's high crossing at 3.78 1/2. Second resistance is the 50% retracement level of the May-September-decline crossing at 3.85 3/4. First support is the reaction low crossing at 3.60 1/4. Second support is the reaction low crossing at 3.54 1/2.

December wheat was higher overnight as it rebounded off trading range support of the past two-months crossing at 5.05 1/4. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-week's high, September's low crossing at 4.95 1/4 is the next downside target. If December renews the rally off September's low, the 50% retracement level of the 2017-2018-rally crossing at 5.45 1/4 is the next upside target. First resistance is the reaction high crossing at 5.31 1/4. Second resistance is the 50% retracement level of the 2017-2018-rally crossing at 5.45 1/4. First support is the reaction low crossing at 5.05 1/4. Second support is September's low crossing at 4.95 1/4.

December Kansas City Wheat closed down 8 1/2-cents at 5.07 3/4.

December Kansas City wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off September's high, September's low crossing at 4.98 3/4 is the next downside target. Closes above the reaction high crossing at 5.35 3/4 are needed to confirm an upside breakout of the September-October trading range. First resistance is the reaction high crossing at 5.35 3/4. Second resistance is the August-September decline crossing at 5.47 1/4. First support is October's low crossing at 5.06 1/2. Second support is September's low crossing at 4.98 3/4.

December Minneapolis wheat was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are still possible. If December extends last-week's decline, October's low crossing at 5.77 3/4 is the next downside target. If December renews the rally off September's low, the 62% retracement level of the May-July-decline crossing at 6.15 is the next upside target. First resistance is last-Monday's high crossing at 6.02 1/4. Second resistance is the 62% retracement level of the May-July-decline crossing at 6.15. First support is October's low crossing at 5.77 3/4. Second support is September's low crossing at 5.60 1/4.

SOYBEAN COMPLEX? 

November soybeans were lower overnight as it extends the decline off October's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. The recent closes below the September-October uptrend line crossing near 8.63 3/4 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If November resumes the rally off September's low, the 38% retracement level of the May-September-decline crossing at 9.07 is the next upside target. First resistance is last-Monday's high crossing at 8.92. Second resistance is the 38% retracement level of the May-September-decline crossing at 9.07. First support is the reaction low crossing at 8.47. Second support is September's low crossing at 8.12 1/4.

December soybean meal was lower overnight as it extends the decline off October's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, September's low crossing at 301.60 is the next downside target. If December renews the rally off September's low, the 38% retracement level of the May-September-decline crossing at 3.36 1/4 is the next upside target. First resistance is last-Monday's high crossing at 327.30. Second resistance is the 38% retracement level of the May-September-decline crossing at 3.36 1/4. First support is the overnight low crossing at 310.90. Second support is September's low crossing at 301.60.

December soybean oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 28.73 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the aforementioned rally, the 38% retracement level of the May-September-decline crossing at 30.53 is the next upside target. First resistance is October's high crossing at 30.01. Second resistance is the 38% retracement level of the May-September-decline crossing at 30.53. First support is the 50-day moving average crossing at 28.73. Second support is September's low crossing at 27.13.

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