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

December corn was steady to fractionally lower overnight as it extends the rally off August's low. Today marks the start of the Pro-Farmer/Farm Journal Midwest Crop Tour with daily updates. 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 bullish hinting that a low might be in or is near. Closes above last-Friday's high crossing at 3.82 1/2 are needed to confirm that a short-term low has been posted. If December resumes the decline off August's high, August's low crossing at 3.66 is the next downside target. First resistance is the 50% retracement level of the May-July-decline crossing at 3.89 3/4. Second resistance is the 62% retracement level of the May-July-decline crossing at 3.99. First support is August's low crossing at 3.66. Second support is July's low crossing at 3.50 1/4.

December wheat was lower overnight as it consolidates some of the rebound off last-Wednesday's low. The low-range close sets the stage for a lower 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. If December resumes the rally off July's low, the July-2017 high crossing at 6.22 is the next upside target. If December renews the decline off August's high, the 50-day moving average crossing at 5.39 1/2 is the next downside target. First resistance is August's high crossing at 6.13. Second resistance is the July-2017 high crossing at 6.22. First support is the 50-day moving average crossing at 5.39 1/2. Second support is the reaction low crossing at 5.23 3/4.

December Kansas City Wheat closed up 17-cents at 5.92.

December Kansas City wheat closed higher on Friday and above the 10-day moving average crossing at 5.89 tempering the near-term bearish outlook. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the decline off August's high, the 50-day moving average crossing at 5.48 1/4 is the next downside target. First resistance is August's high crossing at 6.26. Second resistance is the July-2017 high crossing at 6.42. First support is the 50-day moving average crossing at 5.48 1/4. Second support is the reaction low crossing at 5.28 1/4.

December Minneapolis wheat was lower overnight as it consolidated some of the rally off last-Thursday's low. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 6.25 would temper the near-term bearish outlook. If December renews the decline off August's high, the 50-day moving average crossing at 5.89 1/2 is the next downside target. First resistance is August's high crossing at 6.56. Second resistance is May's high crossing at 6.60 1/2. First support is the 50-day moving average crossing at 5.89 1/2. Second support is the reaction low crossing at 5.71 3/4.

SOYBEAN COMPLEX? 

November soybeans was higher overnight as it extends the rebound off last-Monday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Closes above the reaction high crossing at 9.14 1/2 would confirm that a short-term low has been posted. If November resumes the decline off the late-July high, July's low crossing at 8.26 1/4 is the next downside target. First resistance is the 38% retracement level of the May-July-decline crossing at 9.15. Second resistance is the 50% retracement level of the May-July decline crossing at 9.42 3/4. First support is last-Monday's low crossing at 8.51 1/4. Second support is July's low crossing at 8.26 1/4.

December soybean meal was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December extends the rally off last-Monday's low, July's high crossing at 343.20 is the next upside target. If December resumes the decline off the late-July high, the 62% retracement level of the 2016-2018 rally crossing at 319.40 is the next downside target. First resistance is last-Wednesday's high crossing at 339.40. Second resistance is July's high crossing at 343.20. First support is last-Monday's low crossing at 321.10. Second support is the 62% retracement level of the 2016-2018 rally crossing at 319.40.

December soybean oil was higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the late-July's high crossing at 29.39 are needed to confirm that a short-term low has been posted. If December resumes this month's decline, July's low crossing at 29.78 is the next downside target. First resistance is the 50-day moving average crossing at 29.17. Second resistance is the late-July high crossing at 29.39. First support is last-Wednesday's low crossing at 28.05. Second support is July's low crossing at 29.78.

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