May Wheat - 0.50 Higher
May Corn - Steady to 1.00 Lower
May Soymeal - 0.10 Lower
May Beans - Steady to 0.75 Lower
April Crude Oil marked it's high in between the 2 stated resistance levels of 67.10 and 68.15. then sold off about 1.80 from high to low.
support - 65.60, 65.20, 63.60
resistance - 66.80, 67.60
May Soybeans marked the low 1.75 cents below the 1014.00 support price, after selling off 11.75 cents into the close of 1013.25.
support - 1012.00, 1007.00, 995.50
resistance - 1026.00, 1037.00
May Corn made a 3.00 cent gain on the day as the buyers cause price to crawl up a trendline. the high was marked 3 ticks above the 474.00 resistance point.
support - 467.25-466.50, 461.00
resistance - 475.00 - breakout, 484.00
May SRW Wheat marked it's high 2.00 cents above the 564.00 resistance level on it's way to gaining 11.50 cents for the day. Wheat closed 5 ticks below the 564.00 resistance price.
support - 558.00, 552.00
resistance - 570.00, 579.00
May HRW Wheat traded an even larger gain today, closing 14.25 cents higher and 2 ticks above the 584.50 resistance level. The Hard wheat chart is more bullish than soft, after marking a break away gap on last night's open. This type of gap usually signals the start of a strong up move, because it gapped up. Down gaps signal a strong down move.
support - 577.50-574.25, 567.00
resistance - 591.00, 600.00, 612.00
May Spring Wheat marked it's high in between the 2 stated support prices, as it closed 11.75 cents higher to 604.50 on the day.
support - 599.00-597.50, 594.00
resistance - 610.00, 620.00, 632.00
A little history: Russia is the world's leading exporter of wheat. About 70% of its wheat is winter wheat and 30% is spring wheat. Western Russia and Ukraine produced so much wheat before 1914, that area near the Black Sea was known as the "Bread Basket of the World." World War I ended crop production in the Black Sea area. The Great Plains of the U.S. were plowed-up to feed the world during the war.
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