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GRAINS https://quotes.ino.com/ex changes/?c=grains

March Corn closed up 1 1/2-cents at 3.85 1/2.

March corn closed higher on Tuesday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 November's low, November's high crossing at 3.90 is the next upside target. Closes below the 20-day moving average crossing at 3.79 1/4 would confirm that a short-term top has been posted. First resistance is November's high crossing at 3.90. Second resistance is August's high crossing at 3.98 3/4. First support is the 20-day moving average crossing at 3.79 1/4. Second support is November's low crossing at 3.67 1/4.

March wheat closed down 3-cents at 5.32 1/4.

March 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 38% retracement level of the August-November decline crossing at 5.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.19 1/4 would temper the near-term friendly outlook. First resistance last-Thursday's high crossing at 5.38 1/2. Second resistance is the 38% retracement level of the August-November decline crossing at 5.50 1/2. First support is the reaction low crossing at 5.10. Second support is November's low crossing at 5.03 1/4.

March Kansas City Wheat closed down 4 3/4-cents at 5.17 1/4.

March Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 November's low, November's high crossing at 5.33 3/4 is the next upside target. Closes below the 20-day moving average crossing at 5.02 3/4 would signal that a short-term top has likely been posted. First resistance is November's high crossing at 5.33 3/4. Second resistance is October's high crossing at 5.57. First support is the reaction low crossing at 4.90. Second support is November's low crossing at 4.82 1/4.

March Minneapolis wheat closed down 8 1/2-cents at 5.76 3/4.

March 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. Closes below the 20-day moving average crossing at 5.76 1/4 would confirm that a short-term top has been posted. If March extends the rally off November's low, November's high crossing at 5.93 is the next upside target. First resistance is November's high crossing at 5.93. Second resistance is the reaction high crossing at 6.09 3/4. First support is November's low crossing at 5.67 1/2. Second support is July's low crossing at 5.59.

SOYBEAN COMPLEX? 

January soybeans closed up 3-cents at 9.07 3/4.

January 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 8.98 3/4 would confirm that a short-term top has been posted. If January resumes the rally off September's low, the 50% retracement level of the May-September-decline crossing at 9.45 1/4 is the next upside target. First resistance is the 38% retracement level of the May-September-decline crossing at 917. Second resistance is the 50% retracement level of the May-September-decline crossing at 9.45 1/4. First support is the 20-day moving average crossing at 8.98 3/4. Second support is the 50-day moving average crossing at 8.85 1/2.

March soybean meal closed up $1.30 at 314.70.

March soybean meal closed higher 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 neutral to bearish signaling that sideways to lower possible near-term. If March extends last week's decline, November's low crossing at 305.30 is the next downside target. If March renews the rally off November's low, October's high crossing at 327.40 is the next upside target. First resistance is October's high crossing at 327.40. Second resistance is the 38% retracement level of the May-September-decline crossing at 330.30. First support is November's low crossing at 305.30. Second support is September's low crossing at 303.40.

March soybean oil closed up 22 pts. at 28.67.

March soybean oil higher on Tuesday. 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 bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 28.54 are needed to confirm that a short-term top has been posted. If March renews the rally off November's low, the 75% retracement level of the October-November-decline crossing at 29.74 is the next upside target. First resistance is the 62% retracement level of the October-November-decline crossing at 29.33. Second resistance is the 75% retracement level of the October-November-decline crossing at 29.74. First support is the 20-day moving average crossing at 28.54. Second support is November's low crossing at 27.42.

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