S&P 500
2670.14
-22.99 -0.86%
Dow Indu
24462.94
-201.95 -0.83%
Nasdaq
7142.85
-95.21 -1.33%
Crude Oil
68.40
-0.23 -0.34%
Gold
1335.80
0.00 0.00%
Euro
1.23125
+0.00240 +0.20%
US Dollar
90.264
+0.362 +0.40%
Weak

Market Commentary and Analysis

Trader's Blog

Visa - Heed Slowing Growth and Lofty Valuation

16 hours ago

Late Week Market Sell-Off Dampens Mood

1 day ago

Canadian Micro-Cap Scores Sales Permit

2 days ago

It's All About Corporate Earnings

3 days ago

Gold Update: Old Is "Gold"?

4 days ago

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

GRAINS

May Corn closed down 5 1/4-cents at 3.76 3/4.

May corn closed lower on Friday as it extended the decline off April's high. Corn exports of 43.0 million bushels of old crop sales and another 4.4 million bushels of new crop sales led to 47.4 million bushels in total sales last week. That topped trade estimates of 41.3 million bushels and was ahead of the previous week's total of 35.3 million bushels. The weekly rate needed to meet USDA forecasts fell to 14.2 million bushels. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the 50% retracement level of the January-March-rally crossing at 374 1/2 is the next downside target. Closes above the 10-day moving average crossing at 3.84 1/2 would signal that a short-term low has been posted. If May resumes the rally off March's low, March's high crossing at 3.95 1/4 is the next upside target. First resistance is April's high crossing at 3.92 1/2. Second resistance is March's high crossing at 3.95 1/4. First support is the 38% retracement level of the January-March-rally crossing at 3.79 1/2. Second support is the 50% retracement level of the January-March-rally crossing at 374 1/2.

May wheat closed down 13 1/4-cents at 4.63 1/2.

May wheat closed lower on Friday ending a three-day correction off Monday's low. The low-range close sets the stage for a steady to lower opening when Monday'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 Monday's low crossing at 4.61 1/2 would open the door for additional weakness and a possible test of March's low crossing at 4.41 1/2. If May resumes the rally off March's low, the reaction high crossing at 4.98 is the next upside target. First resistance is the reaction high crossing at 4.98. Second resistance is March's high crossing at 5.18 1/2. First support is Monday's low crossing at 4.61 1/2. Second support is March's low crossing at 4.41 1/2.

May Kansas City Wheat closed down 12 1/2-cents at 4.82 3/4.

May Kansas City wheat closed lower on Friday as forecast for rain triggered today's sell off. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the 75% retracement level of the December-March-rally crossing at 4.54 1/2 is the next downside target. Closes above the 10-day moving average crossing at 4.99 would confirm that a short-term low has been posted. First resistance is April's high crossing at 5.28 3/4. Second resistance is March's high crossing at 5.48 1/2. First support is Tuesday's low crossing at 4.76. Second support is March's low crossing at 4.56.

May Minneapolis wheat closed down 13 1/4-cents at 6.00.

May Minneapolis wheat closed lower on Friday and below the 20-day moving average crossing at 6.03 1/4 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday'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 May resumes the rally off April's low, March's high crossing at 6.36 is the next upside target. First resistance is April's high crossing at 6.34. Second resistance is March's high crossing at 6.36. First support is today's low crossing at 5.99 3/4. Second support is April's low crossing at 5.71.

SOYBEAN COMPLEX? 

May soybeans closed down 7 3/4-cents at 10.29 1/2.

May soybeans closed lower on Friday as it extends the decline off last Friday's high. The low-range close sets the stage for a steady to lower opening with Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 10.39 1/4 confirms that a short-term top has been posted. If May resumes the rally off April's low, March's high crossing at 10.82 1/2 is the next upside target. First resistance is last Friday's high crossing at 10.67 1/4. Second resistance is March's high crossing at 10.82 1/2. First support is the reaction low crossing at 10.03. Second support is April's low crossing at 9.83 1/2.

May soybean meal closed up $1.40 at 374.70.

May soybean meal closed higher on Friday as it consolidates some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, April's low crossing at 363.70 is the next downside target. If May resumes the rally off March's low, March's high crossing at 404.00 is the next upside target. First resistance is April's high crossing at 389.70. Second resistance is March's high crossing at 404.00. First support is the 38% retracement level of the January-March-rally crossing at 369.60. Second support is April's low crossing at 363.70.

May soybean oil closed down 12 pts. At 31.29.

May soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 May extends the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above the 50-day moving average crossing at 31.90 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 31.90. Second resistance is the reaction high crossing at 32.73. First support is Monday's low crossing at 31.14. Second support is the January-2016 low crossing at 30.67.

© Copyright INO.com, Inc. All Rights Reserved.