December corn gapped up and closed limit up on Wednesday and above the 10-day moving average crossing at 5.48 1/2 signaling that a pre-harvest low appears to have been posted. Today's rally was triggered by aggressive short covering and higher energy and precious metals prices. The high-range close sets the stage for a steady to higher opening on Thursday although I would not rule out a setback tomorrow to consolidate some of the gains of the past two days. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold, diverging and are turning bullish signaling that sideways to higher prices are possible near-term. If December renews this summer's decline, the 75% retracement level of the April 2007-July 2008 rally crossing at 4.81 1/4 is the next downside target. First resistance is today's high crossing at 5.58 1/2. Second resistance is the 20-day moving average crossing at 5.78 3/4. First support is Tuesday's low crossing at 5.05. Second support is the 75% retracement level crossing at 4.81 1/4.
December wheat closed up 60-cents at 8.75 1/4.
December wheat closed limit up on Wednesday and above the reaction high crossing at 8.68 confirming that a harvest low has been posted. Stochastics and the RSI remain bullish hinting that a double bottom with May's low might be forming. The high- range close sets the stage for a steady to higher opening on Thursday. If December extends today's rally, the reaction high crossing at 9.15 is the next upside target. Closes below last Friday's low crossing at 7.88 would confirm that a short-term top has been posted.
December Kansas City Wheat closed up 60-cents at 9.09 1/4.
December Kansas City Wheat closed limit up on Wednesday and above the reaction high crossing at 8.87 confirming that a harvest low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that a short-term low might be in or is near. If December extends today's rally, the reaction high crossing at 9.85 is the next upside target. Closes below last Friday's low crossing at 8.20 would confirm that a short-term low has been posted.
December Minneapolis wheat closed up 55 1/4-cents at 9.47.
December Minneapolis wheat closed sharply higher on Wednesday and above gap resistance crossing at 9.44 confirming that a harvest bottom has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, gap resistance crossing at 10.13 is the next upside target. Closes below last Friday's low crossing at 8.58 1/2 would confirm that a short-term top has been posted.
SOYBEAN COMPLEX
November soybeans closed up 70-cents at 12.84.
November soybeans closed limit up on Wednesday due to aggressive short covering triggered by uncertainties over the size of this year's soybean crop along higher energy and precious metal prices. Today's rally led to a close above the 10-day moving average crossing at 12.66 3/4 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and is turning bullish signaling that a short-term low has been posted. If November extends this week's rally, the 20-day moving average crossing at 13.38 is the next upside target.
December soybean meal closed up $20.00 at $352.00.
December soybean meal closed limit up due to short covering on Wednesday and above the 10-day moving average crossing at 340.40 signaling that a pre-harvest low has been posted. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning that bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 354.70 are needed to confirm that a short-term low has been posted. If December renews this summer's decline, the 75% retracement level crossing at 311.20 is the next downside target.
December soybean oil closed up 250 pts. at 53.28.
December soybean oil closed limit up on Wednesday due to technical short covering and filled last Friday's gap crossing at 52.85. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this summer's decline, the January 2nd gap crossing at 50.45 is the next downside target. Closes above the 10-day moving average crossing at 53.95 are needed to confirm that a short-term low has been posted. LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
