May Wheat - Steady
May Corn - 0.75 Higher tp 0.75 Lower
May Soymeal - Steady to 0.60 Higher
May Beans - 0.50 Higher to 1.00 Lower
April Crude Oil sank below the stated support levels by selling off 1.89 on the day. The market tested the September low of 65.27 and then bounced more than a dollar during late morning trade. Today was likely a temporary low (could be days or week)
support - 65.65, 63.64 - May low, 62.43 - December 2nd 2021 low.
resistance - 67.25, 68.10
May Soybeans marked a higher low and traded up just past the 1010.00 resistance price, gaining 13.25 cents for the session.
support - 1010.00-1005.00, 991.00
resistance - 1015.00 - breakout higher, 1031.00, 1045.00
May Corn marked it's low 1.50 cents below the 450.00 support level, then rallied about a dime from low to high. As expected, yesterday's total corn volume (all months) was greater than the previous 2 days, coming in at whopping 849,228 contracts. For the last few weeks, total volume has averaged from about 450,000 to 650,000. This corn volume anomaly suggests capitulation/exhaustion. Also, the price action volatility and volume is more indicative of July trading behavior - really outstanding.
support - 448.00, 442.50
resistance - 462.00, 470.00
May SRW Wheat marked an 11 cent higher low, then rallied 11.50 on the trading session. The high was printed a couple cents below the 553.00 resistance price.
support - 544.00, 540.00
resistance 553.00 - breakout higher, 564.00, 571.00
May HRW Wheat marked it's high 3 ticks beyond the 560.00 resistance level, after rallying about 11.50 cents low to high.
support - 554.50, 550.00
resistance - 564.00 - breakout, 579.00
May Spring Wheat marked it's high 2.00 cents above the 590.00 support point, after rallying about 12.50 cents from low to high.
support - 583.50, 580.00
resistance - 601.50, 610.00
Here are a couple of interesting facts:
There are nine major vegetable oils in the world marketplace. Palm oil is the most widely traded vegetable oil, followed by soybean, canola (aka rapeseed), sunflower, palm kernel, peanut, cotton, coconut, and olive. Palm oil is considered the least healthy, canola the most healthy, but olive is the most tasty.
The canola market is unlike any other market in that Canada and the EU produce about half of the world's canola. Canada exports most of its canola or canola oil while the EU exports very little. China is the world's third largest producer of canola, uses all of it and imports canola primarily from Canada if politics do not get in the way.
Additionally: For pertinent news and fundamental grain market information, sign-up for a 30 day, no cost, no obligation, no phone call subscription to Wright on the Market news sent to your email every day before you get out of bed. Click on "subscribe" at: https://www.wrightonthemarket.com/
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