• Oliver Sloup

Grain Express

Outside Markets: Outside markets managed to stabilize yesterday but have reversed and are trading limit down in the early morning trade.


Corn (May)


Corn futures continue to slide as the energy sector continues to slip, leading to concerns that ethanol plants will be grinding to a halt on these negative margins. May corn made new contract lows in the overnight session at 336 ¼, bringing the RSI down to 23.54. In uncharted territory and in this market environment, finding meaningful technical support is a fool’s errand. The bears remain in full control.


Bias: Neutral

Previous Session Bias: Neutral


Resistance: 363 ½-365 ¾****, 373 ¼-375**

Pivot: 350-355

Support:


Soybeans (May)


May soybeans managed to hold their own yesterday and rally in so far today. Being in uncharted territory, the bears remain in the driver’s seat. The RSI yesterday got as low as 19.58. In yesterday’s report we noted that the last two times we were that oversold we saw relief come into the market, do not confuse that with a bottom. In this environment, relief will likely get sold into. Our pivot pocket comes in from 842-845 ¼, but the more significant resistance comes in near 854.


Bias: Neutral

Previous Session Bias: Neutral


Resistance: 854-854 ¾***, 875**

Pivot: 842-845 ¼

Support: 820-821**


Chicago Wheat (May)


Chicago what tried to rally but ended up finishing off the highs. The market is trying again this morning to test and break above those highs, which could lead to additional relief. With that said, it is just relief for now. The market has been in a well-defined downtrend from the start of the year and the bears are still in full control.


Bias: Neutral

Previous Session Bias: Neutral


Resistance: 523-528 ½***, 540 ½-542 ½****

Pivot: 510 ¾-512 ¼

Support: 488 ¼-494****


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