December corn closed lower on Thursday due to profit taking as it consolidated some of Wednesday's rally but remains above the 10-day moving average crossing at 7.66 3/4. Stochastics and the RSI remain neutral to bearish hinting that sideways to lower prices are possible near-term.However, closes below Tuesday's low crossing at 7.36 1/4 are needed to confirm that a short-term top has been posted. If December renews this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at 7.82. Second resistance is last Friday's high crossing at 7.96. First support is the 10-day moving average crossing at 7.66 3/4. Second support is Tuesday's low crossing at 7.36 1/4.
DECEMBER WHEAT
December wheat closed higher on Thursday due to short covering as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the reaction low crossing at 8.27 1/2 is the next downside target. Closes above the 10-day moving average crossing at 9.15 1/2 are needed to confirm that a short-term low has been posted.
December Kansas City Wheat closed higher on Thursday due to short covering as it consolidated some of this week's decline but remains below the 20-day moving average crossing at 9.38. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term.
If December extends this week's decline, the reaction low crossing at 8.62 is the next downside target. Closes above the 10-day moving average crossing at 9.46 are needed to confirm that a short-term low has been posted.
DECEMBER MINNEAPOLIS WHEAT
December Minneapolis wheat closed unchanged on Thursday as it consolidates below the 20-day moving average crossing at 9.74 confirming that a short-term top has been posted. A short covering rally tempered early losses and the high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the reaction low crossing at 9.07 is the next downside target. Closes above the 10-day moving average crossing at 9.81 1/2 would confirm that a short-term low has been posted.
NOVEMBER SOYBEANS
November soybeans closed higher on Thursday as it extended this year's rally into uncharted territory. Today's high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends this week's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 15.30 1/2 are needed to confirm that a short-term top has been posted.
DECEMBER SOYBEAN MEAL
December soybean meal closed higher on Thursday and posted a new contract high close for the year. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this year's rally, monthly resistance crossing at 432.00 is the next upside target. Closes below the 20-day moving average crossing at 393.30 would confirm that a short-term top has been posted.
DECEMBER SOYBEAN OIL
December soybean oil posted an inside day with a lower close on Thursday due to profit taking as it consolidated some of this week's rally. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, March's high crossing at 72.00 is the next upside target. Closes below last Wednesday's low crossing at 63.45 would confirm that a short-term top has been posted.
Jim Wyckoff became a financial journalist with
Futures World News for many years, cutting his teeth
as a reporter on the futures trading floors in
Chicago and New York, where he covered every futures
market traded in the United States at one time or
another including commodity futures trading in Softs and Metals. Click here for full
bio >>
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