GRAINS: May corn futures closed down 2 cents at $4.86 1/2 Thursday. Prices closed near mid-range and saw mild profit taking. Corn prices are still in a two-month-old uptrend on the daily bar chart. Corn bulls have the overall near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the March high of $5.02 1/2. The next downside price breakout objective for the bears is pushing and closing prices below solid support at this week’s low of $4.73 1/4. First resistance for May corn is seen at $4.90 and then at today’s high of $4.93 1/4. First support is seen at $4.85 and then at today’s low of $4.82 1/4. Wyckoff’s Market Rating: 6.0
May soybeans closed up 7 cents at $13.94 a bushel Thursday. Prices closed near mid-range today and saw some short covering and a corrective bounce from recent strong selling pressure. The soybean bulls still have the overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $14.25 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at this week’s low of $13.65 1/2. First resistance is seen at $14.00 and then at today’s high of $14.12 1/2. First support is seen at today’s low of $13.80 3/4 and then at $13.75. Wyckoff’s Market Rating: 6.0
May soybean meal closed up $4.50 at $441.00 Thursday. Prices closed near mid-range. Bulls have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $450.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $431.00. First resistance comes in at $445.00 and then at today’s high of $448.60. First support is seen at $440.00 and then at $437.50. Wyckoff’s Market Rating: 6.0
May bean oil closed down 50 points at 42.92 cents Thursday. Prices closed nearer the session low and saw more profit taking. The bean oil bulls still have the overall near-term technical advantage but are fading a bit. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 45.05 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 42.00 cents. First resistance is seen at 43.00 cents and then at 43.25 cents. First support is seen at this week’s low of 42.82 cents and then at 42.50 cents. Wyckoff’s Market Rating: 6.0
May Chicago SRW wheat closed down 11 1/2 cents at $6.72 1/4 Thursday. Prices closed nearer the session low today and saw profit taking after hitting a 4.5-month high early on. The Ukraine crisis and poor U.S. winter wheat conditions have recently boosted the wheat futures markets. The wheat bulls still have the overall near-term technical advantage. Prices are in a steep six-week-old uptrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at this week’s low of $6.37. First resistance is seen at $6.84 1/2 and then at $6.90. First support lies at $6.65 and then at $6.60. Wyckoff’s Market Rating: 6.5
May HRW wheat closed down 13 1/4 cents at $7.34 1/2 Thursday. Prices closed nearer the session low on profit taking after hitting a fresh 4.5-month high early on. The wheat bulls have the overall technical advantage. Prices are in a steep six-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October high of $7.71 1/2. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at this week’s low of $7.07. First resistance is seen at $7.50 and then at today’s high of $7.59 1/2. First support is seen at $7.30 and then at $7.25. Wyckoff’s Market Rating: 6.5
May oats closed down 5 cents at $4.39 1/2 Thursday. Bulls have the near-term technical advantage amid recent volatile trading. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at this week’s low of $4.15 1/4. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.60. First support lies at $4.35 and then at today’s low of $4.31 1/4. First resistance is seen at $4.45 and then at $4.50. Wyckoff’s Market Rating: 6.0
