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GRAINS 

May Corn closed up 2-cent at 3.78 1/2.

May corn closed higher on Wednesday as it consolidated some of last week's decline. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.75 3/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May resumes the rally off the late-December low, the 50% retracement level of the June-August-decline crossing at 3.93 3/4 is the next upside target. First resistance is last Thursday's high crossing at 3.80. Second resistance is the 50% retracement level of the June-August-decline crossing at 3.89 1/4. First support is the 20-day moving average crossing at 3.75 3/4. Second support is the 50-day moving average crossing at 3.68 3/4.

May wheat closed up 7-cents at 4.56 3/4.

May wheat closed higher on Wednesday as it consolidated some of the decline off last Thursday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.48 1/2 would confirm that a short-term top has been posted. If May resumes the rally off December's low, the 38% retracement level of the 2014-2016-decline crossing at 4.80 3/4 is the next upside target. First resistance is the 38% retracement level of the 2014-2016-decline crossing at 5.10. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 5.42 1/4. First support is the 20-day moving average crossing at 4.48 1/2. Second support is the 50-day moving average crossing at 4.36 3/4.

May Kansas City Wheat closed up 5 3/4-cents at 4.71 1/4.

May Kansas City wheat closed higher on Wednesday as it consolidated some of the decline off last Thursday's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.60 are needed to confirm that a short-term top has been posted. If May resumes the rally off December's low, the 62% retracement level of the April-December-decline crossing at 5.05 1/4 is the next upside target. First resistance is last Thursday's high crossing at 4.87. Second resistance is the 62% retracement level of the April-December-decline crossing at 5.05 1/4. First support is the 20-day moving average crossing at 4.60. Second support is the 50-day moving average crossing at 4.46 3/4.

May Minneapolis wheat closed up 3-cents at 5.52 1/4.

May Minneapolis wheat closed higher on Wednesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, February's low crossing at 5.46 is the next downside target. Closes above the 10-day moving average crossing at 5.61 1/2 are needed to confirm that a low has been posted. First resistance is February's high crossing at 5.73 1/2. Second resistance is the 75% retracement level of the June-August-decline crossing at 5.75. First support is February's low crossing at 5.46. Second support is December's low crossing at 5.27 3/4.

SOYBEAN COMPLEX? 

May soybeans closed down 4-cents at 10.33 1/4.

May soybeans closed lower on Wednesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, February's low crossing at 10.27 is the next downside target. If May renews this month's rally, January's high crossing at 10.88 1/4 is the next upside target. First resistance is January's high crossing at 10.88 1/4. Second resistance is last June's high crossing at 11.16. First support is February's low crossing at 10.27 Second support is January's low crossing at 10.01 1/4.

May soybean meal closed down $2.90 at 339.00.

May soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last week's high, the 50-day moving average crossing at 332.90 is the next downside target. If May resumes the rally off January's low, the 75% retracement level of the June-September-decline crossing at 355.40 is the next upside target. First resistance is January's high crossing at 354.80. Second resistance is the 62% retracement level of the July-September-decline crossing at 355.40. First support is February's low crossing at 334.30. Second support is the 50-day moving average crossing at 332.90.

May soybean oil closed up 14-pts. at 32.81.

May soybean oil closed higher due to short covering on Wednesday as it consolidates some of the decline off December's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the decline off December's high, the 62% retracement level of the 2015-2016-rally crossing at 32.27 is the next downside target. Closes above the 20-day moving average crossing at 34.03 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 34.03. Second resistance is the 50-day moving average crossing at 35.08. First support is Tuesday's low crossing at 32.50. Second support is the 62% retracement level of the 2015-2016-rally crossing at 32.27.

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