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GRAINS

GRAINS: May corn futures closed down 18 1/4 cents at $3.76 1/4 today. Prices closed nearer the session low and scored a big and bearish “outside day” down on the daily bar chart. Prices hit a five-week high early on today. A bearish USDA report hit the corn market hard today. Corn bears have gained the near-term technical advantage.

May soybeans closed up 5 1/2 cents at $9.73 1/4 a bushel today. Prices closed nearer the session high today and scored a bullish “outside day” up on the daily bar chart. A friendly USDA report helped to lift beans today. Prices hit a 5.5-month low early on today. Bean bears still have the firm overall near-term technical advantage.

May soybean meal closed up $3.60 at $326.80 today. Prices closed nearer the session high today and scored a bullish “outside day” up on the daily bar chart. Prices hit a three-week high today. A five-week-old downtrend on the daily bar chart was negated today.

May bean oil closed down 10 points at 30.39 cents today. Prices closed nearer the session high today. Bean oil bears have the firm overall near-term technical advantage.

May Chicago SRW wheat closed down 18 1/2 cents at $5.11 3/4 today. Prices closed nearer the session low. The wheat bears have the overall near-term technical advantage and regained some downside momentum today.

May HRW wheat closed down 17 cents at $5.99 1/4 today. Prices closed nearer the session low today. Bears have the overall near-term technical advantage and regained downside momentum today.

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