GRAINS
May Corn closed up 8-cents at 7.28 1/2.
May corn closed higher on Tuesday and above the August-February downtrend line crossing near 7.24 1/2. Multiple closes above this key downtrend line would confirm that a short-term trend change has taken place. 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 overbought but remain neutral to bullish signaling that additional strength is possible near-term. If May extends the rally off February’s low, the 38% retracement level of the August-January decline crossing at 7.39 1/2 is the next upside target. Closes below the 20-day moving average crossing at 7.03 1/4 would signal that a short-term top has been posted. First resistance is yesterday’s high crossing at 7.28 3/4. Second resistance is the 38% retracement level of the August-January decline crossing at 7.39 1/2. First support is the 10-day moving average crossing at 7.10. Second support is the 20-day moving average crossing at 7.03 1/4.
May wheat closed up 9 1/4-cents at 7.22.
May wheat closed higher on Tuesday as it consolidates above the 20-day moving average. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. If May extends this month’s rally, the reaction high crossing at 7.52 1/2 is the next upside target. Closes below the 10-day moving average crossing at 7.07 1/4 would temper the near-term friendly outlook. First resistance is last Thursday’s high crossing at 7.25 1/2. Second resistance is the reaction high crossing at 7.52 1/2. First support is the 10-day moving average crossing at 7.07 1/4. Second support is this month’s low crossing at 6.81.
May Kansas City Wheat closed up 7 1/2-cents at 7.51 3/4.
May Kansas City wheat closed higher on Tuesday as it extends the rally off this month’s low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 7.46 1/2 are needed to confirm that a short-term low has been posted. If May renews the decline off January’s high, the 87% retracement level of 2012’s rally crossing at 7.10 1/2 is the next downside target. First resistance is the reaction high crossing at 7.59 1/2. Second resistance is the reaction high crossing at 7.92. First support is this month’s low crossing at 7.24 1/2. Second support is the 87% retracement level of 2012’s rally crossing at 7.10 1/2.
May Minneapolis wheat closed up 10-cents at 7.98 3/4.
May Minneapolis wheat closed higher on Tuesday as it extends this month’s trading range above the 87% retracement level of the May-July rally crossing at 7.86 3/4. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins to trade. 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 8.11 1/2 are needed to confirm that a short-term low has been posted. If May renews this winter’s decline, last May’s low crossing at 7.53 1/2 is the next downside target. First resistance is the 20-day moving average crossing at 7.99 1/2. Second resistance is the reaction high crossing at 8.11 1/2. First support is this month’s low crossing at 7.80. Second support is last May’s low crossing at 7.53 1/2.
SOYBEAN COMPLEX
May soybeans closed down 2 3/4-cents at 14.06 3/4.
May soybeans closed lower for the sixth day in a row 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 becoming oversold but remain bearish signaling that sideways to lower prices are possible near-term. If May extends this month’s decline, February’s low crossing at 13.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at 14.49 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 14.49 3/4. Second resistance is February’s high crossing at 14.97. First support is yesterday’s low crossing at 14.03. Second support is February’s low crossing at 13.93 1/2.
May soybean meal closed down $1.70 at $411.60.
May soybean meal closed lower on Tuesday as it extends this month’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 oversold but remain bearish signaling that sideways to lower prices are possible near-term. If May extends this month’s decline, February’s low crossing at 402.10 is the next downside target. Closes above the 20-day moving average crossing at 429.30 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 429.30. Second resistance is February’s high crossing at 445.00. First support is yesterday’s low crossing at 411.00. Second support is February’s low crossing at 402.10.
May soybean oil closed down 20-pts. at 49.48.
May soybean closed lower on Tuesday as it extends the trading range of the past four days. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last Thursday’s high crossing at 50.78 are needed to confirm that a short-term low has been posted. If May renews the decline off February’s high, December’s low crossing at 48.40 is the next downside target. First resistance is the 20-day moving average crossing at 50.15. Second resistance is last Thursday’s high crossing at 50.78. First support is December’s low crossing at 48.40. Second support is November’s low crossing at 47.85.
