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GRAINS

March Corn closed down $0.03 1/4-cents at $6.37 1/4.

March corn closed lower on Tuesday as it extended the decline off October's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 March extends the decline off October's high, the 62% retracement level of the July-October rally crossing at $6.23 is the next downside target. Closes above the 20-day moving average crossing at $6.62 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.62 1/2. Second resistance is the 50-day moving average crossing at $6.78 3/4. First support is today's low crossing at $6.35 3/4. Second support is the 62% retracement level of the July-October rally crossing at $6.23.

March wheat closed down $0.10-cents at $7.29.

March wheat closed lower for the fourth-day in a row on Tuesday as it extends the decline off October's high. 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 oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the September 6th low crossing at $6.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at $8.05 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.05 3/4. Second resistance is the 50-day moving average crossing at $8.54 3/4. First support is the 75% retracement level of the 2018-2022 rally crossing at $7.24 1/4. Second support is the September 6th low crossing at $6.93 1/2.

March Kansas City Wheat closed down $0.11 3/4-cents at $8.30.

March Kansas City wheat closed lower on Tuesday as it extended the decline off October's high. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 March extends the decline off October's high, August's low crossing at $8.18 3/4 is the next downside target. Closes above the 20-day moving average crossing at $9.10 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.10 3/4. Second resistance is the 50-day moving average crossing at $9.40. First support is today's low crossing at $8.21 3/4. Second support is August's low crossing at $8.18 3/4.

March Minneapolis wheat closed down $0.06-cents at $8.96.

March Minneapolis wheat closed lower on Tuesday as it extended the decline off October's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 20-day moving average crossing at $9.47 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.47 1/4. Second resistance is the 50-day moving average crossing at $9.62 1/2. First support is today's low crossing at $8.90. Second support is the August's low crossing at $8.75 3/4.

SOYBEAN COMPLEX

January soybeans closed up $0.17 1/4-cents at $14.55.

January soybeans closed higher on Tuesday on news of a new purchase of soybeans from China. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trade begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off October's low, the September 21st high crossing at $14.93 1/2 is the next upside target. Closes below the November 17th low crossing at $14.06 3/4 would renew the decline off November's high. First resistance is the 62% retracement level of the June-July decline crossing at $14.76 3/4. Second resistance is the 75% retracement level of the June-July decline crossing at $15.15 1/2. First support is the November 17th low crossing at $14.06 3/4. Second support is the October 28th low crossing at $13.80 1/2.

January soybean meal closed up $16.50 at $448.60.

January soybean meal closed sharply higher on Tuesday as it extends the rally off November's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the aforementioned rally, monthly support on the continuation chart crossing at $478.60 is the next upside target. Closes below the 20-day moving average crossing at $412.10 would signal that a short-term top has been posted. First resistance is today's high crossing at $453.20. Second resistance is monthly resistance crossing at $478.60. First support is the 10-day moving average crossing at $418.30. Second support is the 20-day moving average crossing at $412.10.

January soybean oil closed down 95-pts. At 61.62.

January soybean oil closed lower for the fifth-day in a row 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the 75% retracement level of the July-November rally crossing at 59.72 is the next downside target. Closes above the 50-day moving average crossing at 68.50 would signal that a short-term low has been posted. First resistance is last-Friday's gap crossing at 67.38. Second resistance is the 50-day moving average crossing at 68.50. First support is today's low crossing at 61.26. Second support is the 75% retracement level of the July-November rally crossing at 59.72.

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