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May Corn closed up 3/4-cents at 3.46 1/4.

May corn closed fractionally higher on Thursday. Today's mid-range close sets the stage for a steady to higher opening when Friday's night sessions 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 March's high, weekly support crossing at 3.29 1/4 is the next downside target. Closes above the 20-day moving average crossing at 3.59 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.59. Second resistance is the 50-day moving average crossing at 3.68 1/4. First support is today's low crossing at 3.42 1/4. Second support is weekly support crossing at 3.29 1/4.

May wheat closed up 1 3/4-cents at 4.34.

May wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher 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 this month's decline, March's low crossing at 4.27 is the next downside target. Closes above the 20-day moving average crossing at 4.55 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.46 1/4. Second resistance is the 20-day moving average crossing at 4.55. First support is today's low crossing at 4.28 1/4. Second support is March's low crossing at 4.27.

May Kansas City Wheat closed down a 1/4-cent at 4.04 1/4.

May Kansas City wheat closed fractionally lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday 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 renews the decline off December's high, weekly support crossing at 3.91 1/2. is the next downside target. Closes above the 20-day moving average crossing at 4.25 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.25 3/4. Second resistance is the 50-day moving average crossing at 4.39 3/4. First support is today's low crossing at 4.00 1/2. Second support is weekly support crossing at 3.91 1/2.

May Minneapolis wheat closed up 1 3/4-cents at 5.05.

May Minneapolis wheat closed higher on Thursday. 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 trading is possible near-term. If May extends the decline off March's high, weekly support crossing at 4.82 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.28 3/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 5.28 3/4. Second resistance is the 50-day moving average crossing at 5.47 1/4. First support is Wednesday's low crossing at 5.00. Second support is weekly support crossing at 4.82 1/4.

SOYBEAN COMPLEX? 

May soybeans closed up 2 3/4-cents at 8.58

May soybeans closed higher on Thursday. The mid-range close sets the stage for a steady to higher 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, psychological support crossing at 8.50 is the next downside target. Closes above the 20-day moving average crossing at 8.88 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 8.88. Second resistance is the 50-day moving average crossing at 9.00 3/4. First support is today's low crossing at 8.53 1/2. Second support is psychological support crossing at 8.50.

May soybean meal closed up $5.40 at 305.80.

May soybean meal closed sharply higher due to short covering on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 308.10 are needed to confirm that a low has been posted. If May extends the decline off March's high, weekly support crossing at 298.80 is the next downside target. First resistance is the 50-day moving average crossing at 308.10. Second resistance is April's high crossing at 312.30. First support is today's low crossing at 299.80. Second support is weekly support crossing at 298.80.

May soybean oil closed down 33-pts. at 27.59.

May soybean oil closed lower on Thursday and posted a new contract low. 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 renews the decline off February's high, weekly support crossing at 27.27 is the next downside target. Closes above the 20-day moving average crossing at 28.68 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 28.68. Second resistance is April's high crossing at 29.40. First support is today's low crossing at 27.57. Second support is weekly support crossing at 27.27.