May Wheat - Steady
May Corn - 1 Higher to 1 Lower
May Soymeal - 0.20 Higher
May Beans - Steady to 1.25 Lower
April Crude Oil Marked it's high 7 cents shy of the 71.00 resistance level, after rallying about 0.47 cents for the day. Crude may have printed a short term low after gapping down last night, then rallying most of the trading session. Look for some follow through buying tonight and tomorrow.
support - 70.50, 70.00, 69.40 if new lows are marked.
resistance - 71.20, 72.25
The grains rolled to the May contract today as far as liquidity - more of the funds are trading May over March - the continuation chart is what most of the professional traders follow.
May Soybeans tested about 3 cents below the March contract Friday highs (1049.00), which was first support today.
support - 1046.00, 1041.00, 1036.00
resistance - 1062.00, 1067.00, 1080.00
Here is the 1 hour soybean continuation chart, featuring the May contract starting today, so you can see how price sold down to the March contract highs from last week to fill the gap:
May Soybean Meal tested the bottom of a channel at 301.70.
support - 300.70, 295.30
resistance - 302.50, 306.00 - near the top of channel.
May Corn tested the old low from February 12th at 495.25, selling off about 8.00 cents on the day. On the continuation, today's low was very near the January 23rd March contract high at 494.50.
support - 496.00-495.00, 490.00
resistance - 504.00, 513.00
May SRW Wheat tested Friday's close of 590.50 (March contract), after selling off about 11.00 cents for the day.
support - 591.50, 585.00
resistance - 598.50, 609.00
May HRW Wheat tested the lows on the continuation chart at the 605.50 price level.
support 607.50, 597.50
resistance - 616.00, 623.00
May Spring Wheat lost 10.75 cents on the day.
support - 630.00, 626.00
resistance - 651.50, 660.00
March S&P has sold down to test the lows from 2 weeks ago - testing the 6000 handle.
support - 5994-5985, 5935
resistance - 6060-6070
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