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GRAINS

July Corn closed up 7 1/4-cents at 4.04 3/4.

July corn closed higher on Wednesday as it extends the rally off May's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, April's high crossing at 4.07 1/4 is the next upside target. Closes below the 20-day moving average crossing at 3.88 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.05. Second resistance is April's high crossing at 4.07 1/4. First support is the 20-day moving average crossing at 3.88 1/4. Second support is May's low crossing at 3.68.

July wheat closed up 2-cents at 4.66.

July wheat closed higher on Wednesday as it consolidated some of its recent losses. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 4.70 3/4 would temper the near-term bearish outlook. If July extends last week's decline, April's low crossing at 4.53 is the next downside target. If July renews the decline off April's high, March's low crossing at 4.49 1/2 is the next downside target. First resistance is the reaction high crossing at 4.97. Second resistance is April's high crossing at 5.18 1/2. First support is April's low crossing at 4.53. Second support is March's low crossing at 4.49 1/2.

July Kansas City Wheat closed up 4 1/2-cents at 4.51.

July Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 4.61 3/4 are needed to confirm that a short-term low has been posted. If July resumes the decline off April's high, monthly support crossing at 4.33 is the next downside target. First resistance is the reaction high crossing at 4.61 3/4. Second resistance is the reaction high crossing at 4.86. First support is May's low crossing at 4.41 1/4. Second support is monthly support crossing at 4.33.

July Minneapolis wheat closed unchanged at 5.22.

July Minneapolis wheat closed unchanged on Wednesday as it consolidated some of the decline off April's high. The mid-range close sets the stage for a steady 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 July extends the decline off April's high, April's low crossing at 5.17 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.33 3/4 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 5.42 1/4. Second resistance is the reaction high crossing at 5.51 1/2. First support is today's low crossing at 5.20 1/2. Second support is April's low crossing at 5.17 3/4.

SOYBEAN COMPLEX? 

July soybeans closed up 30 3/4-cents at 10.85 1/2.

July soybeans closed sharply higher on Wednesday hinting that the trading range of the past two-weeks is about to come to an end. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, the 62% retracement level of the 2013-2015-decline crossing at 11.10 3/4 is the next upside target. Closes below the 20-day moving average crossing at 10.55 would confirm that a short-term top has been posted. First resistance is May's high crossing at 10.91 1/2. Second resistance is the 62% retracement level of the May-October-decline crossing at 11.10 3/4. First support is the 20-day moving average crossing at 10.55. Second support is the reaction low crossing at 10.08 1/2.

July soybean meal closed up $18.90 at 407.80.

July soybean meal closed sharply higher on Wednesday as it extends this year's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off February's low, weekly resistance crossing at 417.60 is the next upside target. Closes below the 20-day moving average crossing at 361.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at 408.30. Second resistance is weekly resistance crossing at 417.60. First support is the 10-day moving average crossing at 378.60. Second support is the 20-day moving average crossing at 361.40.

July soybean oil closed up 41-pts. at 31.30.

July soybean oil closed higher due to short covering on Wednesday as it consolidated some of the decline off April'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 62% retracement level of the August-April-rally crossing at 29.97 is the next downside target. Closes above the 20-day moving average crossing at 32.42 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 32.42. Second resistance is the reaction high crossing at 33.84. First support is Monday's low crossing at 30.79. Second support is the 62% retracement level of the August-April-rally crossing at 29.97.

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