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May Corn closed up a 1/2-cent at 3.84 3/4.

May corn closed fractionally higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.86 1/4 are needed to confirm that a short-term low has been posted. If May renews the decline off November's high, November's low crossing at 3.75 is the next downside targets. First resistance is January's high crossing at 3.92 1/4. Second resistance is December's high crossing at 3.95. First support is Tuesday's low crossing at 3.77. Second support is November's low crossing at 3.75.

May wheat closed down 1-cents at 4.90.

May 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, weekly support crossing at 4.66 3/4 is the next downside target. Closes above last-Wednesday's high crossing at 5.24 are needed to confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 5.24. Second resistance is February's high crossing at 5.31 1/4. First support is Wednesday's low crossing at 4.75 3/4. Second support is weekly support crossing at 4.66 3/4.

May Kansas City Wheat closed up 2 3/4-cents at 4.66.

May Kansas City wheat closed higher on Friday as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to higher opening when Monday night session begins trading. If May resumes the aforementioned decline, weekly support crossing at 4.56 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.98 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.82 1/2. Second resistance is the 20-day moving average crossing at 4.98 1/4. First support is Wednesday's low crossing at 4.57 1/2. Second support is weekly support crossing at 4.56 3/4.

May Minneapolis wheat closed up 6 3/4-cents at 5.64 1/2.

May Minneapolis wheat closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 5.77 1/4 would confirm that a low has been posted. If May renews this month's decline, weekly support crossing at 5.44 1/2 is the next downside target. First resistance is January's high crossing at 5.83 3/4. Second resistance is December's high crossing at 5.93 3/4. First support is Wednesday's low crossing at 5.48. Second support is weekly support crossing at 5.44 1/2.

SOYBEAN COMPLEX? 

May soybeans closed down 1-cent at 9.23 1/4.

May soybeans posted an inside day with a lower close 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at 9.34 1/4 would temper the near-term bearish outlook. If March extends the decline off February's high, January's low crossing at 9.04 3/4 is the next downside target. First resistance is February's high crossing at 9.45. Second resistance is December's high crossing at 9.53. First support is January's low crossing at 9.04 3/4. Second support is December's low crossing at 8.93 1/2.

May soybean meal closed down $0.70 at 309.10.

May soybean meal closed slightly 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 diverging and are turning neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 312.60 would temper the bearish outlook. If May extends the decline off January's high, September's low crossing at 303.70 is the next downside target. First resistance is the reaction high crossing at 321.30. Second resistance is January's high crossing at 327.90. First support is Tuesday's low crossing at 306.60. Second support is September's low crossing at 303.70.

May soybean oil closed up 5 pts. at 30.87.

May soybean oil closed higher on Friday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off December's low, the 50% retracement level of the 2017-2018-decline crossing at 32.02 is the next upside target. Closes below Wednesday's low crossing at 29.94 would confirm that a short-term top has been posted. First resistance is February's high crossing at 31.32. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 32.02. First support is Wednesday's low crossing at 29.94. Second support is the 50-day moving average crossing at 29.50.

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