May Wheat - Steady
May Corn - 0.50 Lower
May Soymeal - 0.40 Lower
May Beans - 1 to 2 Lower
April Crude Oil was rangebound today, marking the low 14 cents above the 77.80 support level, then rallying about 1.50.
support - 77.95
77.15
76.70-76.25
resistance - 79.10
79.60
May Soybeans marked a new low for the move, taking out sell stops, then closing 11 cents above that low on defensive buying.
support - 1136.50
1133.75
resistance -1151.50
1162.00
May Soymeal marked it's low 1.20 below support, then rallied 8 bucks.
support - 326.80
323.10
resistance - 336.00
334.00
May Corn made it's low in between the 2 support levels then closed higher again for the 4th day in a row, which hasn't occurred since December 5th.
support - 427.50
421.00
resistance - 434.00 - 2nd breakout point
445.00
May SRW Wheat marked it's low in between the 2 support levels, while trading in a small range day - constricting/winding energy.
support - 573.25
565.50
resistance - 581.00 - breakout number
600.00
May HRW Wheat marked it's low 3 cents above support - this is seen as bullish convergence for the wheat markets as a whole.
support - 584.00
580.00
577.00
resistance - 589.00 - breakout
612.00 - target
May Spring Wheat marked it's low 2 ticks below 653.00 support, then rallied 7 cents.
support - 655.00
652.50
resistance - 661.00 - breakout
675.00
685.00
March S&P marked it's low at the 5060 support, then rallied as much as 54 points @ $50 per point.
support - 5088
5065
resistance - 5123 - breakout
5186
A close above 434.00 (430.00 today) tomorrow in May Corn will equal a weekly key reversal - I don't want to jinx it, but there will be selling at the 434 level.