May corn traded in a tight range to start the week as traders anxiously awaited todays crop progress report which ended up getting delayed until tomorrow. Export inspections did come in at 51.6 million bushels which was higher than the expectations of 44.5 million bushels. Funds were estimated to have sold roughly 4,000 contracts on the day, helping close in the red by 2 ½ cents at $4.99 ¼ for the May contract. Do not be surprised to see some jittery trade going in to tomorrow’s crop progress and then Wednesday’s crop production report. The 500 level continues to be a barrier for Corn. Bulls must see market action maintain and close above the 490 level in order to keep the uptrend intact.
Resistance –500-502**, 513**, 522-2***, 527-4**, 547***
Support – 496-2*, 490**, 485-486*, 473-2 -476***
Funds were estimated to have sold 3,500 contracts to start the week with beans closing in the red by 9 ½ cents at $14.64 ¼ for the May contract. Export inspections were in line to slightly higher than the expectations of 18.7 million bushels. According to our sources there has been a premium of $2.35 built in to new crop prices on weather concerns which we could see decrease as we continue forward into planting season. The market has dipped back below light support early today, the 1460 level will be pivotal for the bull camp and a continued close above here will be needed to maintain the immediate term uptrend.
Resistance –1480-1483-2**, 1494*, 1513**, 1526-2**
Support –1467-70*, 1460***, 1450-4*, 1445*, 1433-35*, 1428-6**, 1420-6**, 1412-6***
Wheat was the leader in the grains markets today with the May contract closing up 6 ½ cents at $6.76 ¼. Export inspections came in stronger than the expectations of 18 million bushels, with a reported 22.3 million bushels. Funds were estimated to have added 2,500 contracts to start the week off, mostly due to weather and increased tensions coming from the Russian & Ukraine conflict. Resistance at the first level of 679-2 continues to keep the market in check as it is slightly in the red this morning. Major support on the week will come in at the 658-4/661 level and only a close below here will cause a deeper break in the market.
Resistance – 679-2*, 687**, 692***, 700**, 712*, 722-4-723-4**, 748-6**, 795-4*** Pivot – 669-671
Support – 658-4-661***, 637-639***, 618-2**