May Wheat - 0.50 Lower
May Corn - 1.00 Higher to 1.25 Lower
May Soymeal - Steady
May Beans - Steady to 0.50 Lower
April Crude Oil marked it's low 4 cents below the 68.40 support level, after selling off about 90 cents from high to low.
support - 68.40, 67.65, 67.00
resistance - 69.30, 70.50
May Soybeans marked the low 1.75 cents shy of the 1036.00 support price, after selling down about 12.25 cents from the 1050.00 area.
support - 1037.50-1036.00, 1035.00 - bunch of support here.
resistance - 1050.00, 1053.50
May Corn marked it's low 1 tick from the 492.00 support level, after selling off almost 8.00 cents from 500.00 to the low.
support - 492.25, 488.00
resistance - 500.00, 504.00
May SRW Wheat marked the low 1.50 cents below the 579.00 support price, after selling down about 15.00 cents from high to low.
support - 578.00, 572.50
resistance - 593.00, 599.00
May HRW Wheat marked it's low 3.25 cents below the 598.50 support price, after selling off about 16 cents high to low.
support - 595.50-593.50, 590.00
resistance - 611.00, 616.00
May Spring Wheat marked it's low 6 cents below the 623.00 support.
support - 613.50, 606.00
resistance - 632.00, 642.00
Russia is the world's leading exporter of wheat. About 70% of its wheat is winter wheat and 30% is spring wheat. Western Russia and Ukraine produced so much wheat before 1914, that area near the Black Sea was known as the "Bread Basket of the World." World War I ended crop production in the Black Sea area. The Great Plains of the U.S. were plowed-up to feed the world during the war.
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