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GRAINS 

May Corn closed up 1-cent at 3.76 1/2.

May corn closed higher on Tuesday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 3.75 1/2 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 1/2. Second support is the 50-day moving average crossing at 3.68 1/2.

May wheat closed down 5 1/4-cents at 4.50 1/4.

May wheat closed lower on Tuesday as it extended the decline off last Thursday's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 4.47 3/4 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 4.47 3/4. Second support is the 50-day moving average crossing at 4.36.

May Kansas City Wheat closed down 3 3/4-cents at 4.65 1/2.

May Kansas City wheat closed lower on Tuesday as it extended the decline off last Thursday's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 4.59 1/4 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 4.58. Second support is the 50-day moving average crossing at 4.43 1/2.

May Minneapolis wheat closed down 5 1/4-cents at 5.49 1/4.

May Minneapolis wheat closed lower on Tuesday and below the 50-day moving average crossing at 5.49 1/2. The low-range close sets the stage for a steady to lower opening when Wednesday'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 5.55 3/4 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 5 3/4-cents at 10.37 1/2.

May soybeans closed lower on Tuesday as it extends last week's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 last week's 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 $2.10 at 341.80.

May soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 renews the decline off January's high, the 50-day moving average crossing at 332.50 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 332.50.

May soybean oil closed down 26-pts. at 32.90.

May soybean oil closed lower for the seventh day in a row on Tuesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 34.44 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 34.44. Second resistance is the 50-day moving average crossing at 35.42. First support is today's low crossing at 32.77. Second support is the 62% retracement level of the 2015-2016-rally crossing at 32.27.

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