May corn futures closed down 1 cent at $3.80 3/4 yesterday. Prices closed near mid-range. No serious chart damage has occurred this week as profit-taking from recent gains has been featured. However, the bulls have faded a bit and need to show fresh power soon. Bulls still have the slight near-term technical advantage. The next downside price objective for the bears is to push and close prices below solid technical support at last week's low of $3.71 1/4 a bushel. Bulls' next upside price objective is to push and close prices above solid technical resistance at this week's high of $3.92 a bushel. First resistance for May corn is seen at yesterday's high of $3.84 1/2 and then at $3.87 3/4 and then at $3.90. First support is seen at $3.78 and then at yesterday's low of $3.76.

Wyckoff's Market Rating: 5.5

Source: VantagePoint Intermarket Analysis Software

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May soybeans closed up 1 cent at $9.63 1/2 a bushel yesterday. Prices closed near mid-range yesterday and saw tepid short covering. The key "outside markets" were in a bullish posture for soybeans yesterday, as the U.S. dollar index was weaker, while crude oil, gold and stock index futures prices were higher. Soybean bulls and bears are on a level near-term technical playing field. The next downside price objective for the bears is pushing and closing prices below solid technical support at $9.41. The next upside technical objective for the bulls is pushing and closing May prices above solid technical resistance at last week's high of $9.85. First resistance for May soybeans is seen at yesterday's high of $9.69 and then at $9.75. First support is seen at yesterday's low of $9.57 3/4 and then at this week's low of $9.53 1/2.

Wyckoff's Market Rating: 5.0.

May soybean meal closed down $0.90 at $267.50 yesterday. Prices closed nearer the session low yesterday. Bears have the near-term technical advantage in meal. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $259.90. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week's high of $283.60. First resistance comes in at $270.00 and then at this week's high of $271.00. First support is seen at yesterday's low of $266.50 and then at this week's low of $265.40.

Wyckoff's Market Rating: 4.0.

May bean oil closed up 28 points at 40.18 cents yesterday. Prices closed nearer the session high yesterday and hit another fresh seven-week high. Bean oil prices are in a four-week-old uptrend on the daily bar chart. Bean oil bulls still have the near-term technical advantage. Bean oil bears' next downside technical price objective is
pushing and closing prices below solid technical support at 38.75 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 41.00 cents. First resistance is seen at yesterday's high of 40.40 cents and then at 40.75 cents. First support is seen at 40.00 cents and then at yesterday's low of 39.73 cents.

Wyckoff's Market Rating: 6.5

May Chicago SRW wheat closed steady at $5.04 1/2 yesterday. Prices closed near mid-range. Trading has turned choppy in the wheat market. A larger-degree downtrend line is still in place on the daily chart, drawn from the November, December and January highs. The bears have the overall near-term technical advantage. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at the February low of $4.80 3/4. Bulls' next upside price objective is to push and close March futures prices above solid technical resistance at this week's high of $5.26 a bushel. First resistance is seen at yesterday's high of $5.09 3/4 and then at $5.15. First support lies at this week's low of $4.96 1/4 and then at $4.92.

Wyckoff's Market Rating: 3.0.

May K.C. HRW wheat closed down 1 3/4 cents at $5.08 1/2 yesterday. Prices closed near the session low yesterday in quiet trading. Trading has turned choppy. Bears have the near-term technical advantage. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of $5.27. The bears' next downside objective is pushing and closing prices below solid technical support at the February low of $4.92 1/2. First resistance is seen at yesterday's high of $5.11 and then at this week's high of $5.19. First support is seen at this week's low of $5.04 and then at $5.00.

Wyckoff's Market Rating: 3.0.

May oats closed up 1/2 cent at $2.30 yesterday. Prices closed near the session high. Prices are still hovering near a seven-month low. Bears still have the solid overall near-term technical advantage. Bears' next downside price objective is pushing and closing prices below solid technical support at the contract low of $2.24. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at $2.40. First support lies at $2.27 and then at yesterday's and last week's low of $2.25. First resistance is seen at this week's high of $2.33 3/4 and then at $2.35 3/4.

Wyckoff's Market Rating: 1.5.