May Wheat - 1 Higher
May Corn - 1 Lower
May Beans - 1 to 2 Lower
Last Thursday May Soybean Oil almost made it down to the sell target of the December 2021 low of 51.00 by printing a low of 51.28. The next most probable price action is a rally to the 64.75 level. Take a look on the daily Beanoil continuation chart.
May Soybeans almost corrected down to the 1470 level today and marked a low of 1471 in a quiet trading session. Kind of like yesterday, we have to examine several possibilities for tomorrow because of the nature of quarterly reports.
Support is 1470, 1461 lower and 1440 and resistance could be from 1500 to 1515. Here is a zoomed in 1 hour May Bean chart. Good luck!
November Soybeans printed an Inside daily Bar today, which was the most narrow bar in at least the previous 7 days or more. After days such as this, the probability is high for the next day to be a range expansion day (wide range) either up or down.
We have to use additional data to determine if up or down is more likely. Considering all technical factors (uptrend, etc), tomorrow is more likely to be a strong up day than strong down day in November Soybeans. Check out today's bar in the context of the last 10 days or so and I believe you'll get the idea.
Resistance will be 466 in May Soybean Meal. This is 1 dollar above today's high of 465. Support is about 453 and lower at 447. Check out today's daily continuation chart.
May Corn also had a quiet, small range consolidation day today. For tomorrow, support could be as high as today's low at 648. However, if some selling comes into the market, look for 643 and lower at 637. The first resistance level is 660, then 670. Here's a look at today's 4 hour May Corn chart.
May Wheat sliced through the 695 support level, with something else in mind. Again, we have a few possibilities that will likely be cleared up by tomorrow's close. The fund buyers could defend today's low at 690, or wheat may have an inverted head & shoulders in mind. In this case, selling would occur until the 671 level. There is a third possibility of 682 bringing the buyers around.
As stated yesterday, also be prepared for a bullish reaction in Wheat where the air will be very thin above 724. Check out the updated May Wheat 2 hour chart.
The main point with the grains is we have to remain light on our feet until the dust settles tomorrow.
May Crude Oil is rotating around the 73.75 pivot point over the last 2 days, moving above and below this level. 71.67 below is still in the cards, as well as a move up to the 78.00 area. Take a look at today's crude chart.
