May Wheat - 0.50 Lower
May Corn - 0.25 Higher
May Soymeal - 0.20 Higher
May Beans - 1.75 Lower
April Crude Oil marked it's low a dime from testing the 65.20 support level, then rallied almost 2 bucks from low to high.
support - 66.00, 65.30
resistance - 67.20, 67.60
May Soybeans marked the low 2.25 cents below the 1012.00 support price, after selling off about 11.00 cents high to low.
support - 1007.00, 995.50
resistance - 1021.00, 1026.00, 1033.00 - lots of bumps
May Corn marked it's high 2.50 cents above the 475.00 resistance point, but was unable to follow through to the upside, and sold off about 8.00 cents high to low.
support - 467.25-466.50, 461.00
resistance - 476.00-477.50
May SRW Wheat marked it's low 2.50 cents below the 558.00 support price, after selling down about 7.50 cents high to low on the USDA news.
support - 555.00, 552.50
resistance - 562.00, 5666.00
May HRW Wheat marked it's low 3.25 cents below the 574.25 support level, while trading in a tight 7.00 cent range.
support - 571.00-570.00, 567.25, 565.00 - gap closure.
resistance - 576.00-578.50, 584.00
May Spring Wheat marked it's low 1.00 cent above the 594.00 support price, after selling off 8.75 cents high to low and 7.25 for the day.
support - 594.00-593.25, 584.50
resistance - 606.00, 610.00, 620.00
The chart action in the wheats was not as negative as I would have expected considering the news - support levels held fairly well. They say that the market's reaction to news is more important than the news alone. If they are able to continue their respective up moves after today, then that will be a statement.
On or about the tenth of every month the USDA issues its World Agricultural Supply & Demand Estimates (WASDE) Report. It is the cornerstone of information for agricultural markets for traders, investors, consumers and farmers navigating the complex world of agricultural markets.
On its monthly World Agricultural Supply & Demand Estimates (WASDE) Report, the USDA compiles data from around the world, offering a global perspective on agricultural supply and demand dynamics.
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