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GRAINS

May Corn closed up 3 1/2-cents at 3.79 3/4.

May corn closed higher due to short covering on Friday. Today's high-range close sets the stage for a steady to higher opening when Monday's night 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 20-day moving average crossing at 3.83 would confirm that a short-term low has been posted. If May extends this month's decline, March's low crossing at 3.67 is the next downside target. First resistance is the 20-day moving average crossing at 3.83. Second resistance is the reaction high crossing at 3.90. First support is Tuesday's low crossing at 3.70. Second support is March's low crossing at 3.67.

May wheat closed unchanged at 4.94 1/2.

May wheat closed unchanged on Friday as it consolidates some of this week's decline. The mid-range close sets the stage for a steady opening when Monday'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 May extends this week's decline, March's low crossing at 4.78 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.16 4/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 5.16 1/4. Second resistance is April's high crossing at 5.44 1/4. First support is Thursday's low crossing at 4.89. Second support is March's low crossing at 4.78 1/4.

May Kansas City Wheat closed up 1-cents at 5.09 1/4.

May Kansas City wheat closed higher on Friday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends this month's decline, monthly support crossing at 4.95 is the next downside target. Closes above the 20-day moving average crossing at 5.52 1/2 are needed to confirm that a low has been posted. First resistance is the the 10-day moving average crossing at 5.39. Second resistance is the 20-day moving average crossing at 5.52 1/2. First support is Thursday's low crossing at 5.08 1/4. Second support is monthly support crossing at 4.95.

May Minneapolis wheat closed down 2 1/4-cents at 5.32 3/4.

May Minneapolis wheat closed lower on Friday and posted a new contract low. The low-range close sets the stage for a steady to lower opening when Monday'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 May extends this year's decline, weekly support crossing at 5.25 is the next downside target. Closes above the 20-day moving average crossing at 5.73 1/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 5.63. Second resistance is the 20-day moving average crossing at 5.73 1/4. First support is today's low crossing at 5.31 1/4. Second support is weekly support crossing at 5.25.

SOYBEAN COMPLEX? 

May soybeans closed up 2 3/4-cents at 9.68 3/4.

May soybeans closed higher on Friday as it extends this week's rally. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 9.70 1/2 would confirm that a short-term low has been posted. If May renews the decline off March's high, last October's low crossing at 9.28 3/4 is the next downside target. First resistance is April's high crossing at 9.93. Second resistance is March's high crossing at 10.39. First support is last Friday's low crossing at 9.44 1/2. Second support is last October's low crossing at 9.28 3/4.

May soybean meal closed up $2.60 at 315.00.

May soybean meal closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night 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 20-day moving average crossing at 320.00 are needed to confirm that a short-term low has been posted. If May renews the decline off February's high, the 87% retracement level of the October-November-rally crossing at 301.90 is the next downside target. First resistance is the 20-day moving average crossing at 320.00. Second resistance is April's high crossing at 333.80. First support is Monday's low crossing at 307.30. Second support is the 87% retracement level of the October-November-rally crossing at 301.90.

May soybean oil closed down 24-pts. at 31.52.

May soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 May extends this week's rally, March's high crossing at 33.50 is the next upside target. Closes below the 20-day moving average crossing at 31.05 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 32.00. Second resistance is March's high crossing at 33.50. First support is the 20-day moving average crossing at 31.05. Second support is March's low crossing at 29.88. Third support is January's low crossing at 29.56.

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