May Wheat - Steady
May Corn - Mixed to 1 Lower
May Beans - 1 Lower
I was completely tricked by last Thursday's huge intraday volume and it looks like an old gap near 630 may be in the corn sellers crosshairs. This gap is on the daily continuation corn chart from last August 23rd.
637 could find some fund bulls stepping to the plate enough to stop price, but I am unsure. Let's see if we get a turnaround Tuesday.
Gaps are always powerful magnets and considered unfinished business. You will see this gap on the left side of the daily corn chart. There is a horizontal red line coming across to the right.
May Soybean Meal marked a follow through buying day today, and was up a modest +1.80. It appears a new upleg is trying to get started. Here is May Meal's updated daily chart.
May Soybeans traded down to the top of the ascending triangle today and this level should be defended by the fund bulls. Check out today's bean continuation chart. Simple move your eyes from the left to the right on the red line.
May wheat appeared to find buying support on the lower blue line running across the previous 2 lows at 723.50 and 712.50. This area should hold. See today's chart below.
April Crude Oil did not do a whole lot of moving in today's trade. It went sideways and slightly down, marking a higher low that remains above the 62% retracement level. Crude is forming a small ascending triangle (not drawn) which price should work higher from - to the 80 area. See if you can draw the lines with your mind's eye. Here is Crude's updated 2 hour chart so you can see more detail.
April Natural Gas finally bottomed out a few days ago and on last Thursday afternoon, it gapped up. Traders could not fill the gap (didn't even try). When you have a chart such as this with a nice V (spike) bottom with a big gap up, you know the bottom is for real - very high probability. $4.00 - $4.50 is a reasonable retracement up target. Check out the last few weeks of gas trade.
