May Wheat - 0.25 Lower
May Corn - Steady
May Soymeal - 0.40 Lower
May Beans - Steady to 1 Lower
April Crude Oil Marked it's low 44 cents below the 79.00 support. This is a daily upside breakout (big scale), therefore 44 cents of overshoot is not out of the ordinary.
support - 78.56
78.00
resistance - 80.40
80.85.00
May Soybeans marked it's high 3.75 cents beyond the 1162.00 resistance, and then found support at the breakout price of 1152.50. I am seeing bullish divergence with the call option prices.
support - 1150.00
1138.50
resistance - 1166.50 - breakout
1192.00
May Soymeal marked it's low 1.60 below the 344.00 support/breakout point - not unreasonable.
support - 332.40
329.00
resistance - 339.00
346.00
May Corn marked it's high 1 cent below the resistance/breakout at 434.50.
support - 427.50
422.00
resistance - 434.50
446.00
May SRW Wheat found support 2 ticks above the lower stated support number, then rallied 15 cents to the high.
support - 560.50
553.00
resistance - 569.00
577.50
May HRW Wheat marked it's low 2 ticks above lower support, then rallied 20 cents.
support - 573.00
568.50
resistance - 586.50
594.50
May Spring Wheat marked it's low 2.50 cents above support, then rallied 15 cents to the 660 resistance level.
support - 651.00
642.50
resistance - 660.50- breakout
675.00
March S&P marked it's low 9 points above the 5123 support level, then rallied 25 points.
support - 5130
5123
resistance - 5158
5186
The Cocoa market was too strong for now, to continue selling off to close the 5275 gap. May Cocoa may be marking a double top. If so, the downside target would be 5143. Let's see what tomorrow brings. It is a risky sell up here, but if correct, very profitable = 1400-1500 points.
May Cotton reacted to the weekly gap at 100, by correcting. Support should be between 92-90.
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