May Chicago Board of Trade corn is trapped in a sideways trend between resistance at $4.00 and support at $3.73 3/4. Price has dropped below the 10 and 20-day moving average which now create resistance for prices to move higher. The closer downside support is the February low of $3.83 and a break through this would be a bearish signal. Overall, choppy, sideways movement is expected to prevail.
May Kansas City wheat rallied slightly on Thursday. The long-term trend is bearish but there may be a bottom forming. Contracts are over-sold and the market is vulnerable to a corrective bump. Support lies at the Thursday (26) low of $5.21 3/4 and resistance is the Feb 24 high of $5.47 1/4. Spotty winter kill in the US is also supporting a minor increase in prices.
May Chicago Board of Trade soybeans are in a short-term bullish pattern. The 10-day moving average support level of $9.94 1/2 was tested this week and held. Major support lies at the January 30 low of $9.61 3/4. Initial resistance lies at $10.32 with larger resistance at $10.67, the January 8 high. The 10-day moving average support needs to hold to keep the bullish pattern.