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GRAINS 

May Corn closed down 1-cent at 3.55 3/4.

May corn closed lower on Friday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, the reaction low crossing at 3.52 is the next downside target. Closes above the 50-day moving average crossing at 3.71 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.61 1/2. Second resistance is the 50-day moving average crossing at 3.71 3/4. First support is today's low crossing at 3.55 1/4. Second support is the reaction low crossing at 3.52.

May wheat closed up 4 1/4-cents at 4.25 1/4.

May wheat closed higher due to short covering on Friday as it consolidated some of decline off February's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, the reaction low crossing at 4.16 1/4 is the next downside target. Closes above the 50-day moving average crossing at 4.44 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.29 1/2. Second resistance is the 50-day moving average crossing at 4.44. First support is Thursday's low crossing at 4.20. Second support is the reaction low crossing at 4.16 1/4.

May Kansas City Wheat closed unchanged at 4.28.

May Kansas City wheat closed unchanged on Friday as it consolidated some of the decline off February's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If May extends this month's decline, the reaction low crossing at 4.16 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.53 3/4 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.57 1/2. Second resistance is March's high crossing at 4.79 1/4. First support is today's low crossing at 4.26 1/2. Second support is the reaction low crossing at 4.16 1/2.

May Minneapolis wheat closed down 5-cents at 5.35 3/4.

May Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, November's low crossing at 5.20 1/4 is the next downside target. Closes above the 50-day moving average crossing at 5.52 would open the door for a larger-degree rebound off March's low. First resistance is the 50-day moving average crossing at 5.52. Second resistance is March's high crossing at 5.61 3/4. First support is December's low crossing at 5.27 3/4. Second support is November's low crossing at 5.20 1/4.

SOYBEAN COMPLEX? 

May soybeans closed down 15 1/2-cents at 9.75 1/2.

May soybeans closed lower on Friday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, last October's low crossing at 9.59 3/4 is the next downside target. Closes above the 20-day moving average crossing at 10.12 3/4 would confirm that a low has been posted. First resistance is the 10-moving average crossing at 9.97 1/4. Second resistance is the 20-day moving average crossing at 10.12 3/4. First support is today's low crossing at 9.72 1/4. Second support is last October's low crossing at 9.59 3/4.

May soybean meal closed down $2.30 at 318.40.

May soybean meal closed lower on Friday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, January's low crossing at 313.50 is the next downside target. Closes above the 20-day moving average crossing at 329.60 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 329.60. Second resistance is the 50-day moving average crossing at 337.50. First support is today's low crossing at 316.60. Second support is January's low crossing at 313.50.

May soybean oil closed down 98-pts. at 32.24.

May soybean oil closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off December's high, the 75% retracement level of the 2015-2016-rally crossing at 30.88 is the next downside target. Closes above the 50-day moving average crossing at 34.01 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 34.01. Second resistance is March's high crossing at 34.81. First support is last Tuesday's low crossing at 31.69. Second support is the 75% retracement level of the 2015-2016-rally crossing at 30.88.

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