May Wheat - 0.50 Lower
May Corn - Steady to 1.00 Lower
May Soymeal - Steady to 0.60 Higher
May Beans - 0.50 Lower
May Crude Oil marked it's low 27 cents above the 66.30 support level, after selling off almost 2 bucks from the high, which took out resistance by about 40 cents. It appears the upside breakout was a fake out to trap longs.
support - 66.00, 65.00
resistance - 67.35, 68.60
May Soybeans marked the high 1 tick below the 1022.00 resistance price, then sold off about 11.00 cents, to within a few ticks of the 1010.00 support.
support - 1010.00, 1005.00
resistance - 1022.00-1025.00, 1032.50
May Corn marked it's low 2.75 cents above the 452.50 lower support price, and traded in a range of about 6.00 cents.
support - 455.00, 452.50
resistance - 462.00-463.00, 470.00
May SRW Wheat marked it's low 3.00 cents below the 566.50 support level, after testing yesterday's high and selling down about 8.50 cents high to low.
support - 563.00, 559.00-557.50 - gap
resistance - 575.00-578.50, 593.00
March HRW Wheat marked it's high 3.00 cents above the 614.00 resistance point, then sold off 12.00 cents from high to low.
support - 602.50, 599.25, 591.00 - top of gap
resistance - 617.00, 623.00, 630.50
May Spring Wheat rallied 3.50 cents past the 620.00 resistance level, then sold off about 12.00 cents high to low.
support - 609.00, 600.00, 595.00
resistance - 623.50, 628.00-632.00
Interesting tidbit:
The Morrill Act of 1862 was signed into law by President Lincoln on 2 July 1862. It granted each state 30,000 acres blocks of federal land for each of its electoral votes. States were to sell this land to raise money to fund colleges that would focus on teaching agriculture and mechanical developments. These colleges became known as “Land Grant” colleges. These schools were also required to teach military tactics, which were designated as the Reserve Officer Training Corps (ROTC) in 1916.
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