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July Corn closed down $0.40-cents at $6.74 3/4.

July corn closed limit down on Thursday due to technical selling after Wednesday's neutral WASDE report showed that the USDA's ending stocks came in above analyst estimates. Planting pressure is also added to today's selling pressure as well as strengthening U.S. Dollar. The limit down close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.62 1/2 would signal that a short-term top has been posted. If July renews this year's rally, the 87% retracement level of the 2012-2020-decline crossing at $7.73 is the next upside target. First resistance is last-Friday's high crossing at $7.35 1/4. Second resistance is psychological resistance crossing at $7.50. First support is the 20-day moving average crossing at $6.62 1/2. Second support is the April-28th low crossing at $6.29 1/2.

July wheat closed down $0.28 1/4-cents at $7.01 1/2.

July wheat closed sharply lower on Thursday to mark a downside breakout of the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday'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 20-day moving average crossing at $7.16 3/4 signals that a short-term top has been posted. If July extends today's decline, the 50% retracement level of the March-April-rally crossing at $6.80 3/4 is the next downside target. If July renews this year's rally, psychological resistance crossing at $8.00 is the next upside target. First resistance is April's high crossing at $7.15 1/4. Second resistance is psychological resistance crossing at $8.00. First support is today's low crossing at $6.90 3/4. Second support is the 50% retracement level of the March-April-rally crossing at $6.80 3/4.

July Kansas City Wheat closed down $0.33-cents at $6.57 3/4.

July Kansas City wheat closed sharply lower on Thursday and below the 20-day moving average crossing at $6.85 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, the 62% retracement level of the March-April-rally crossing at $6.28 3/4 is the next downside target. First resistance the 10-day moving average crossing at $7.03 3/4. Second resistance is last-Friday's high crossing at $7.41 1/2. First support is the 62% retracement level of the March-April-rally crossing at $6.28 3/4. Second support is the 75% retracement level of the March-April-rally crossing at $6.04 3/4.

July Minneapolis wheat closed down $0.24 1/4-cents at $7.41 1/4.

July Minneapolis wheat closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $7.41 1/4 would signal that a short-term top has been posted. If July renews the rally off April's low, the 87% retracement level of the 2017-2020 decline on the monthly continuation chart crossing at $8.18 1/2 is the next upside target. First resistance is last-Friday's high crossing at $8.07 1/4. Second resistance is the 87% retracement level of the 2017-2020 decline on the monthly continuation chart crossing at $8.18 1/2. First support is the 20-day moving average crossing at $7.41 1/4. Second support is the April 28th low crossing at $7.23 3/4.

SOYBEAN COMPLEX? 

July soybeans closed down $0.58 1/2-cents at $15.84.

July soybeans closed sharply lower due to profit taking that began in the overnight session. The low-range close sets the stage for a steady to lower opening when Friday'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 $15.31 1/4 would signal that a short-term top has been posted. If July extends the rally off last-April's low, psychological resistance crossing at $17.00 is the next upside target. First resistance is Wednesday's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. First support is the 10-day moving average crossing at $15.72 1/2. Second support is the 20-day moving average crossing at $15.31 1/4.

July soybean meal closed down $27.50 to $421.40.

July soybean meal closed sharply lower on Thursday due to technically related selling. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $414.30 would signal that a short-term top has been posted. If July extends the rally off March's low, January's high crossing at $458.20 is the next upside target. First resistance is Wednesday's high crossing at $457.20. Second resistance is January's high crossing at $458.20. First support is today's low crossing at $420.20. Second support is the 50-day moving average crossing at $414.30.

July soybean oil closed down 62-pts. at 65.78.

July soybean oil posted an inside day with a lower close on Thursday as it consolidated some of Wednesday's rally. The mid-range close sets the stage for a steady to higher opening when Friday's night 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 July extends this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. Closes below the 20-day moving average crossing at 61.15 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 66.31. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 10-day moving average crossing at 64.23. Second support is the 20-day moving average crossing at 61.15.