Market Analysis: March 27

The grains are fighting for position ahead of the March 31 reports.

Corn

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

corn

Wheat

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.

wheat

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