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GRAINS https://quotes.ino.com/exchanges/?c=grains

GRAINS: May corn futures closed up 5 cents at $3.87 today. Prices closed near the session high. The bears still have the overall near-term technical advantage. However, recent sideways price action is likely “basing” activity that will kick off a price uptrend in the not-too-distant future.

May soybeans closed down 1 1/2 cents at $9.01 3/4 a bushel today. Prices closed nearer the session low today did hit a three-week high early on. Bears have the overall near-term technical advantage but a five-week-old price downtrend on the daily bar chart has been negated. More price strength this week would better suggest a market bottom is in place.

May soybean meal closed up $0.90 at $297.50 today. Prices closed nearer the session high today. The bears have the solid overall near-term technical advantage.

May bean oil closed down 17 points at 30.77 cents today. Prices closed nearer the session low today. The bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart.

May SRW wheat closed up 23 cents at $5.64 1/2 today. Prices closed nearer the session high today and hit a three-week high. Bulls have overall near-term technical advantage and regained power today. A near-term price downtrend on the daily bar chart was negated today.

May HRW wheat closed up 20 cents today at $4.92 1/4. Prices closed near the session high today and hit a three-week high. Bulls have regained the overall near-term technical advantage.