Market Commentary

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GRAINS

July Corn closed up 11 1/4-cents at 6.52 3/4.

July corn closed higher on Friday ending a three-day correction off Monday's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. If July renews the rally off April's low, the April 1st gap crossing at 6.76 is the next upside target. Closes below last Wednesday's low crossing at 6.26 1/2 would confirm that the rebound off April's low has bended. First resistance is the reaction high crossing at 6.69. Second resistance is the April 1st gap crossing at 7.76. First support is last Wednesday's low crossing at 6.25. Second support is April's low crossing at 6.10.

July wheat closed down 4 1/2-cents at 6.83 1/4.

July wheat closed lower on Friday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, April's low crossing at 6.64 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.06 3/4 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.06 3/4. Second resistance is March's high crossing at 7.40 1/2. First support is today's low crossing at 6.80 1/4. Second support is April's low crossing at 6.64 3/4.

July Kansas City Wheat closed down 6 1/4-cents at 7.37 1/4.

July Kansas City wheat closed lower on Friday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, April's low crossing at 7.16 1/2 is the next downside target. Closes above the 20-day moving average crossing at 7.61 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.61. Second resistance is April's high crossing at 7.96 3/4. Second resistance is the 38% retracement level of the December-April's low crossing at 8.03 1/4. First support is today's low crossing at 7.36 1/4. Second support is April's low crossing at 7.16 1/2.

July Minneapolis wheat closed down a 1/4-cents at 8.03 3/4.

July Minneapolis wheat closed fractionally lower on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 8.02 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off April's low, the 38% retracement level of the July-April decline crossing at 8.53 1/4 is the next upside target. First resistance is April's high crossing at 8.34 1/2. Second support is the 38% retracement level of the July-April decline crossing at 8.53 1/4. First support is the reaction low crossing at 8.02. Second support is April's low crossing at 7.60.

SOYBEAN COMPLEX

July soybeans closed up 21-cents at 14.48 1/2.

July soybeans closed sharply higher on Friday and closed above the 38% retracement level of the September-November decline crossing at 14.36 1/4. 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 overbought but remain bullish signaling that sideways to higher prices are possible. If July extends the rally off April's low, the 50% retracement level of the aforementioned decline crossing at 14.68 1/2 is the next upside target. Closes below the 20-day moving average crossing at 13.91 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 14.49 1/4. Second resistance is the 50% retracement level of the aforementioned decline crossing at 14.68 1/2. First support is the 10-day moving average crossing at 14.07 1/4. Second support is the 20-day moving average crossing at 13.91 3/4.

July soybean meal closed up $10.20 at $425.10.

July soybean meal closed sharply higher on Friday renewing the rally off April's low. 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 bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, March's high crossing at 436.20 is the next upside target. Closes below the 20-day moving average crossing at 407.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at 425.50. Second resistance is March's high crossing at 436.20. First support is the 20-day moving average crossing at 407.40. Second support is the reaction low crossing at 390.20.

July soybean oil closed unchanged at 49.52.

July soybean closed steady on Friday and 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 reaction high crossing at 50.23 are needed to confirm that a low has been posted. Closes below the 20-day moving average crossing at 49.15 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 50.23. Second resistance is March's high crossing at 51.03. First support is the 20-day moving average crossing at 49.15. Second support is April's low crossing at 48.08.