Prices closed near mid-range. Prices were supported on cold, wet weather in the U.S. Corn Belt that is preventing early field work for the farmers. The strong gains in wheat also helped to boost corn today. Corn prices are still in a three-month-old uptrend on the daily bar chart. Corn bulls have the firm overall near-term technical advantage.
Corn bulls' next upside price objective is to push and close prices above solid technical resistance at last week’s high of $5.19. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $4.90. First resistance for May corn is seen at today’s high of $5.07 and then at $5.12 1/2. First support is seen at today’s low of $4.97 1/2 and then at $4.94. Wyckoff's Market Rating: 6.5
May soybeans closed up 13 cents at $14.76 1/4 a bushel Monday. Prices closed near the session high. Higher corn and wheat prices helped to lift soybeans today. The soybean bulls have the solid overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart.
The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at last week’s contract high of $15.12 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $14.60. First resistance is seen at $14.85 and then at $15.00. First support is seen at $14.70 and then at $14.60 Wyckoff's Market Rating: 7.0.
May soybean meal closed up $6.30 at $479.20 Monday. Prices closed near the session high. The soybean meal bulls have the overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart.
The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s contract high of $490.90. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $465.00. First resistance comes in at $480.00 and then at $482.50. First support is seen at $477.00 and then at $475.00. Wyckoff's Market Rating: 7.0
May bean oil closed up 16 points at 42.26 cents Monday. Prices closed nearer the session high today. The bean oil bulls have the slight near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 43.00 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at last week’s low of 41.11 cents. First resistance is seen at 42.50 cents and then at 42.75 cents. First support is seen at 42.00 cents and then at 41.85 cents. Wyckoff's Market Rating: 5.5
May Chicago SRW wheat closed up 18 cents at $6.78 1/4 Monday. Prices closed near mid-range today, hit a two-week high and negated a four-week-old downtrend on the daily bar chart. The wheat bulls have regained a slight overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.00 a bushel.
The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week’s low of $6.56 1/4. First resistance is seen at today’s high of $6.89 1/2 and then at $7.00. First support lies at $6.70 and then at today’s low of $6.64 1/2. Wyckoff's Market Rating: 5.5.
May HRW wheat closed up 22 cents at $7.41 1/2 Monday. Prices closed nearer the session high and hit a two-week high today. The wheat bulls today regained the slight near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.68 1/2.
The bears' next downside breakout objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at today’s high of $7.50 1/4 and then at $7.60. First support is seen $7.30 and then at today’s low of $7.24 1/4. Wyckoff's Market Rating: 5.5
May oats closed steady at $4.03 1/2 Monday. Prices closed nearer the session low today. Bulls and bears are presently on a level near-term technical playing field. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the March low of $3.86. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.25. First support lies at $4.00 and then at $3.95. First resistance is seen at today’s high of $4.09 and then at $4.12.
