May Wheat - Steady
May Corn - Steady to 0.50 Lower
May Soymeal - Steady to 0.20 Higher
May Beans - 1.00 Lower
May Crude Oil marked it's high 10 cents beyond the 68.00 resistance level, after rallying almost a dollar right out of the gate on last night's open. We don't have confirmation yet, but crude looks to be breaking higher from the sideways formation.
support - 67.00, 66.30
resistance - 68.10, 69.35
May Soybeans marked the low 1.25 cents below the 1011.50 support price, after selling off almost 12.00 cents from last night's high to today's low. Beans continue to mark higher highs and lows as the triangle it's trading in constricts, building energy.
support - 1010.00, 1005.50
resistance - 1022.00, 1032.50
May Corn traded sideways to a little higher on the day, while marking it's low 1.25 cents above the 456.00 support level.
support - 459.00, 457.00, 452.50
resistance - 470.00, 477.00
May SRW Wheat gapped up last night and traded 11.25 higher on the day, while marking it's high about 4.0 cents above the top 571.00 resistance point. bullish.
support - 566.50, 558.00
resistance - 579.00, 593.00
May HRW Wheat also gapped up and never looked back, while rallying 19.25 cents for the session. The high was printed 2 ticks above the 609.00 resistance level. More bullish.
support - 598.50, 593.00
resistance - 614.00, 631.00
May Spring Wheat marked it's high 2 ticks beneath the top resistance price of 620.00, after rallying 17.50 cents from low to high.
Interesting tidbits of info:
The job of the market is to make sure we never run out of any food or fiber commodity. The market does that with higher prices to ration demand in times of small supplies.
President Abraham Lincoln created the USDA on 15 May 1862 to support farmers who were growing the food to feed the civilians and the soldiers fighting to save the Union. Lincoln believed that agriculture was vital to a stable society, and he wanted to show the nation’s gratitude to the nation’s farmers with research and development of farm equipment and the best varieties for crop production through a structure for agricultural production education. Since more than half of America’s population were farmers, Lincoln called the USDA The People’s Department.
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