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GRAINS

May Corn closed down $0.03 1/4-cents at $5.86 3/4.

May corn closed lower on Friday due to technical selling. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above psychological resistance crossing at $6.00 would open the door for a possible test of the 62% retracement level of the 2012-2020-decline crossing at $6.36 is the next upside target. Closes below the 20-day moving average crossing at $5.63 1/4 would confirm that a short-term top has been posted. First resistance is psychological resistance crossing at $6.00. Second resistance is the 62% retracement level of the 2012-2020-decline crossing at $6.36. First support is the 10-day moving average crossing at $5.74 1/4. Second support is the 20-day moving average crossing at $5.63 1/4.

May wheat closed down $0.00 3/4-cents at $6.53.

May wheat closed fractionally lower on Friday as it consolidated the rally off March's low. The mid-range close sets the stage for a steady to fractionally lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, March's high crossing at $6.68 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.25 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.59 3/4. Second resistance is March's high crossing at $6.68 3/4. First support is the 20-day moving average crossing at $6.25 3/4. Second support is the 50% retracement level of the June-January-rally crossing at $5.93 1/2.

May Kansas City Wheat closed up $0.01 1/4-cents at $6.09.

May Kansas City wheat 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 extends the rally off March's low, March's high crossing at $6.39 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.77 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.16. Second resistance is the March high crossing at $6.39 3/4. First support is the 20-day moving average crossing at $5.77 1/2. Second support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4.

May Minneapolis wheat closed up $0.01-cent at $6.64 1/4.

May Minneapolis wheat 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If May extends the rally off April's low, weekly resistance crossing at $6.77 is the next upside target. Closes below the 20-day moving average crossing at $6.29 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $6.68 1/2. Second resistance is weekly resistance crossing at $6.77. First support is the 50-day moving average crossing at $6.35 1/4. Second support is the 20-day moving average crossing at $6.29.

SOYBEAN COMPLEX? 

May soybeans closed yo $0.15-cents at $14.33 1/4.

May soybeans closed higher on Friday as it extended this week's rally. 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. Closes above March's high crossing at $14.60 are needed to confirm an upside breakout of this year's trading range and renew the long-term uptrend. Closes below the March 30th low crossing at $13.64 1/4 would signal that a short-term top has been posted. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the March 30th low crossing at $13.64 1/4. Second support is the February 11th low crossing at $13.36 3/4.

May soybean meal closed up $0.50 to $402.40.

May soybean meal closed higher on Friday. The low-range close sets the stage for a steady to slightly higher 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. Closes below the 38% retracement level of the August-January rally crossing at $396.90 would renew the decline off January's high. Closes above the 50-day moving average crossing at $413.30 would signal that a short-term low has been posted. First resistance is April's high crossing at $433.20. Second resistance is February's high crossing at $442.10. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of the August-January rally crossing at $376.30.

May soybean oil closed up 140-pts. at 56.29.

May soybean oil closed sharply higher on Friday as it extends the rally off Monday's low. 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 bearish signaling that sideways to lower prices are possible near-term. If May renews the rally off October's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60 is the next upside target. Closes below the 50-day moving average crossing at 51.22 would signal that a short-term top has been posted. First resistance is March's high crossing at 58.25. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60. First support is the 25% retracement level of the 2020-2021-rally crossing at 50.35. Second support is March's low crossing at 48.62.