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GRAINS 

December Corn was up a 1/2-cent at 3.45.

December corn was steady to fractionally higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 3.42 1/2, which marks the lower boundary of a two-month old trading range would open the door for a possible test of weekly support crossing at 3.32. If December resumes the rally off the aforementioned reaction low, the 50-day moving average crossing at 3.53 3/4 is the next upside target. However, closes above the reaction high crossing at 3.62, which marks the upper boundary of the aforementioned trading range are needed to confirm an upside breakout of the trading range. First resistance is the 50-day moving average crossing at 3.53 3/4. Second resistance is the reaction high crossing at 3.62. First support is the reaction low crossing at 3.42 1/2. Second support is weekly support crossing at 3.32.

December wheat was up a 1/4-cent at $4.26 1/4.

December wheat was steady to fractionally higher overnight. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, August's low crossing at 4.22 1/2 is the next downside target. Closes above the 50-day moving average crossing at 4.41 are needed to confirm that a low has been posted. First resistance is September's high crossing at 4.62 3/4. Second resistance is the 25% retracement level of the July-August-decline crossing at 4.64 1/2. First support is September's low crossing at 4.28 1/4. Second support is August's low crossing at 4.22 1/2.

December Kansas City Wheat closed down 6 1/2-cents at 4.22 3/4.

December Kansas City wheat closed lower on Friday while extending the trading range of the past two-months. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off September's high, August's low crossing at 4.20 is the next downside target. Closes above the 50-day moving average crossing at 4.39 3/4 would confirm that a short-term low has been posted. First resistance is September's high crossing at 4.60 1/4. Second resistance is the 25% retracement level of the July-August-decline crossing at 4.65. First support is last Friday's low crossing at 4.21 3/4. Second support is August's low crossing at 4.20.

December Minneapolis wheat was up 2 1/2-cents overnight at 6.13 3/4.

December Minneapolis wheat was higher overnight while extending October's trading range. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 6.52 are needed to confirm that a low has been posted. If December extends the decline off July's high, the 87% retracement level of the April-July-rally crossing at 5.82 1/4 is the next downside target. First resistance is the reaction high crossing at 6.52. Second resistance is the reaction high crossing at 6.93 3/4. First support is the reaction low crossing at 6.06. Second support is the 87% retracement level of the April-July-rally crossing at 5.82 1/4.

SOYBEAN COMPLEX? 

November soybeans was up 3/4-cents at 9.79 1/2.

November soybeans was steady to fractionally higher overnight. The high-range close 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 possible near-term. Closes below the 20-day moving average crossing at 9.73 1/4 would confirm that a short-term top has been posted. If November renews the rally off August's low, the 75% retracement level of the July-August-decline crossing at 10.16 is the next upside target. First resistance the 62% retracement level of the July-August-decline crossing at 9.99. Second resistance is the 75% retracement level of the July-August-decline crossing at 10.16. First support is the 20-day moving average crossing at 9.73 1/4. Second support is the 50-day moving average crossing at 9.61.

December soybean meal was down $0.40 at 316.60.

December soybean meal was lower overnight as it extends the decline off October's high. The low-range close 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 a short-term top might be in or is near. Last Friday's close below the 20-day moving average crossing at 317.70 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If December renews the rally off August's low, the 75% retracement level of the July-August-decline crossing at 335.30 is the next upside target. First resistance is the 62% retracement level of the July-August-decline crossing at 328.20. Second resistance is the 75% retracement level of the July-August-decline crossing at 335.30. First support is the overnight low crossing at 315.90. Second support is the 50-day moving average crossing at 309.70.

December soybean oil was up 16 pts. at 34.32.

December soybean oil was higher overnight as it extended the rally off October's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the reaction high crossing at 35.05 is the next upside target. Closes below the 20-day moving average crossing at 33.31 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 35.05. Second resistance is the reaction high crossing at 35.46. First support is the reaction low crossing at 33.28. Second support is the reaction low crossing at 32.85. Third support is October's low crossing at 32.30.

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