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Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

GRAINS

May Corn closed down 2 3/4-cents at 4.94 3/4.

May corn closed lower on Thursday and below the 20-day moving average crossing at 4.96 3/4 confirming that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends today's decline, the reaction low crossing at 4.75 1/2 is the next downside target. If May resumes the rally off January's low, the 50% retracement level of the 2012-2014-decline crossing at 5.45 1/2 is the next upside target. First resistance is last Wednesday's high crossing at 5.19. Second resistance is the 50% retracement level of the 2012-2014-decline crossing at 5.45 1/2. First support is today's low crossing at 4.93. Second support is the reaction low crossing at 4.75 1/2.

May wheat closed up 3 1/4-cents at 6.91 1/4.

May wheat closed higher on Thursday. 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. If May extends this week's rally, March's high crossing at 7.23 1/2 is the next upside target. If May renews the decline off March's high, the 50% retracement level of this year's rally crossing at 6.38 1/2 is the next downside target. First resistance is Wednesday's high crossing at 7.11. Second resistance is March's high crossing at 7.23 1/2. First support is the 38% retracement level of this year's rally crossing at 6.58 3/4. Second support is the 50% retracement level of this year's rally crossing at 6.38 1/2.

May Kansas City Wheat closed up 3 1/2-cents at 7.58.

May Kansas City wheat closed higher on Thursday. Today's high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, March's high crossing at 7.94 1/2 is the next upside target. Closes below the 10-day moving average crossing at 7.41 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 7.65 1/2. Second resistance is March's high crossing at 7.94 1/2. First support is last Friday's low crossing at 7.19. Second support is the reaction low crossing at 7.11 1/4.

May Minneapolis wheat closed up 6 1/4-cents at 7.32 3/4.

May Minneapolis wheat closed higher on Thursday. 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. If May extends this week's rally, March's high crossing at 7.70. If May renews the decline off March's high, the 50% retracement level of this year's rally crossing at 6.82 1/2 is the next downside target. First resistance is Wednesday's high crossing at 7.48 1/4. Second resistance is March's high crossing at 7.70. First support is the 50% retracement level of this year's rally crossing at 6.82 1/2. Second support is the 62% retracement level of this year's rally crossing at 6.61 3/4.

SOYBEAN COMPLEX? 

May soybeans closed down 4 3/4-cents at 15.14.

May soybeans closed lower due to profit taking on Thursday as it consolidates some of this year's rally. 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January's low, weekly resistance crossing at 15.61 is the next upside target. Closes below the 20-day moving average crossing at 14.66 1/2 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 15.31 3/4. Second resistance is weekly resistance crossing at 15.61. First support is the 20-day moving average crossing at 14.66 1/2. Second support is the reaction low crossing at 14.23.

May soybean meal closed down $2.70 at 488.30.

May soybean meal closed lower due to profit taking on Thursday. 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 diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this winter's rally, weekly resistance crossing at 505.90 is the next upside target. Closes below the 20-day moving average cossing at 476.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at 495.90. Second resistance is weekly resistance crossing at 505.90. First support is the 20-day moving average cossing at 476.00. Second support is the reaction low crossing at 472.00.

May soybean oil closed down 30-pts. At 43.41.

May soybean oil closed lower on Thursday as it consolidates some of this month'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 45.05 is the next upside target. Closes below the 20-day moving average crossing at 41.67 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 43.74. Second resistance is March's high crossing at 45.05. First support is the 20-day moving average crossing at 41.67. Second support is the 62% retracement level of the February-March-rally crossing at 40.18.

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