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Corn “C” – mini “ZC” – (July)
Coverage for April 26
A higher high was expected, but timing was difficult because the gap back to Apr 3's close remained unfilled. Trending wasn't going to break free of that gravitational pull, so Wednesday's open gapped and spiked up sharply to new two-week highs. The balance of the session ranged choppily around Mar 30's limit-down at 385-1/2. A rally would have become more likely if Apr 3's gap had been filled prior to Wednesday's surge. Instead, the limit-down's recovery is needed before turning bullish, and there is still potential to fill the gap back to Apr 3's close.(Basis May) Short under 419 (reinstated 3/26) for
370-3/4 (met 4/2) and 331-3/4 targets,
350-3/4 stop (met 4/4)
Wheat “W” – mini “YW”(July)
Coverage for April 26
A recovery by Wednesday's close was expected to produce a steep surge. In fact, Wednesday's open gapped up to the short-entry parameter and extended sharply higher through the morning. Tuesday's session has become an Island, so weakness is now expected to hold any test of 508 as support on the way to higher highs.
(Basis Jul) Short under 504 (met 4/24) for
474 and 448 targets,
508-1/2 stop (met 4/25)
Soybeans “S”- mini “ZS” (July)
Coverage for April 26
The newly-entered short needed to extend down to avoid being a false breakout. Wednesday's open surged back to Monday's close, and sharply higher into the noon hour. A drop back to Monday's close stopped buyers from gaining traction, but new lows are unlikely.
(Basis Jul) Short under 732-1/2 (met 4/24) for
702-3/4 target,
737 stop (met 4/25)
Soybean Oil “BO”- mini “ZL” (July)
Coverage for April 26
The newly-entered short needed the drop to continue falling by Wednesday afternoon. That was unlikely when Wednesday's open spiked up to immediately recover above the short-entry parameter and its stop. The rally didn't stop until touching April's pivotal high (the high prior to the actual high), but the decline's resumption isn't likely this week.
(Basis Jul) Short under 32.65 (met 4/24) for
31.70 and 30.90 targets,
32.75 stop (met 4/25)
Soybean Meal “SM” – mini “ZM” (July)
Coverage for April 26
Tuesday's close had retraced a Fibonacci 61.8% of the rally from September's low, so any hesitation to extend the decline sharply lower would be considered bullish. Wednesday's open rallied back to Tuesday's highs, and then back to Monday's close during the noon hour. The noon hour's gain was returned entirely, so buyers might not have gained traction. But sellers lost their traction to make the decline's resumption unlikely this week.
(Basis May) Short under 219.50 (reinstated 3/26) for
215.50 (met 3/16) and 209.50 (met 3/30) targets,
216.50 stop (met 3/28)
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