May Wheat - 2 to 3 Higher
May Corn - Steady
May Beans - Steady to 1 Higher
The May/July Soybean spread took off today, trading at it's highest level yet, at +15 cents. This indicates demand for product right now is surging. Merchants and end users need product NOW, not in 1 or 2 weeks.
I would look for this to translate into the flat price of May Soybeans rallying again very soon. The May/July Corn spread surged up +3.25 cents today, but it did not mark a contract/spread high.
Ultimately, this says that nearterm corn demand/lack of supply is accelerating also. Take a look at the May/July Soybean spread chart.
May Soybeans marked a slightly lower low from yesterday but remained above the Feb 28th low today and above the lower up sloping channel line. Check out the bean daily chart.
From yesterday's corn comments: "I feel like the corn bulls will gun for taking out buy stops tomorrow."
Indeed, May Corn jumped up on the open last night, trading as much as 8 cents higher during the first 2 hours. On the day session, corn backfilled the gap and found support there. There will be resistance between 637 and 645 and then a likely correction back to the 630 area. After that correction, I expect a 690+ upside target in the nearterm - weeks. Here is the updated 4 hour May Corn chart.
May Wheat has continued it's march higher, increasing confidence that the low is in, with every passing day. Today, it hit that resistance line around 704-706 and then consolidated between the line and 693. I expect the up move to continue onward - the momentum is gathering. Take a look at today's wheat chart.
April Crude Oil fell straight through the last support level at 70.25 today, and traded down to 65.65. From this low, the fund buyers pushed price up over 1.50. There was undoubtedly a sea of sell stops hit today - strong fund buyers gobbling up all they could.
Crude made what looks like a good V bottom (straight down and up) on the 15 and 5 minute intraday charts. A would be long could wait for a pullback tonight between 67.40 and 66.90, with a tight stop. Here's a look at the big picture daily crude chart. You'll see the next support is the December 2021 low a few more dollars down.
Here is a quick look at the crude 5 minute chart so you can see the backfill range denoted with the red lines. The consistent heavy volume (stopping volume) all day leads me to believe the odds are good that this is a good low. For a long entry, I wouldn't even risk a new low.