May Wheat - Steady
May Corn - 0.75 Higher to 1.25 Lower
May Soymeal - 0.40 Lower
May Beans - Steady to 1.00 Lower
April Crude Oil marked it's high price 5 cents above the 70.55 resistance level, then sold off about 2.50 bucks and past the 68.40 support -
support - 68.10, 66.65
resistance - 69.25, 70.40
May Soybeans lost 15.50 cents on the day, selling below the short term support prices.
support - 1006.00, 1000.00
resistance - 1024.00, 1031.50
May Corn has experienced 9 trading days in a row with a net loss for the day, If you use candlesticks, it's the 9th red day in a row - almost unprecedented. 453.00 (1.50 cents below the close) is the 62% retracement of the entire rally which began August 27th on the May chart, which is just past the 38% on the continuation and weekly charts.
support - 456.00 - near today's close and a low to the left, 451.00, 442.00
resistance - 470.00, 484.00
May SRW Wheat closed below the 550.00 support level and was down 8.25 cents for the day. The wheat correction has traded within 1 cent of the 78% retracement of the entire rally.
support - 544.50, 538.50
resistance - 562.50, 571.00
May HRW Wheat has corrected similarly - very near the 78% retracement.
support - 559.50, 554.00
resistance - 580.00, 591.00
May Spring Wheat has sold off to within 3.50 cents of the last low at 585.75. Therefore, spring wheat is within a nickel of marking an exact double bottom from the January 3rd low. There will be buying support there, but unknown yet, if a meaningful rally will manifest.
support - 590.00, 585.50
resistance - 603.00, 610.00
A couple of tidbits or interesting facts of the grain industry:
The USDA spends more money, by far, to collect crop and livestock production data than any other organization in the world. The purpose is to make sure the U.S. does not run out of any food or fiber commodity.
Over the thousands of years of human history, the most common causes of war have been religion and resources to produce food. That is why the CIA, after the USDA, spends more money than any other organization in the world to collect crop production data from around the world.
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