The grains are fighting for position ahead of the March 31 reports.
May Chicago Board of Trade corn had several good trading sessions before it tried to touch the $4.00 level on Thursday and then tumbled to close at $3.91. Overall, corn remains in an intermediate neutral zone with resistance at the $.00 level and initial support at the 40-day moving average of $3.88
Kansas city May wheat saw a high on Monday that we haven’t seen since mid-January. Prices plunged on Thursday and broke the rising trend pattern. It is currently recovering a little of what was lost on Thursday but the overall trend is weak. Initial support lies at $5.34 and major support is at $5.16. Initial resistance is at the 10-day moving average of $5.56 and major resistance is at Wednesday’s high of $5.79.