April 16th, 2018 Commentary by Jason

Another wet cold day to start off the week but the Midwest does have a drier forecast for the next 10 days.  The Plains are showing rain for next weekend which seems to have wheat down this morning and pulling corn with it.  Corn and wheat were both down overnight with beans trading both sides.  The Ag markets have not reacted to the Syrian missile attacks and Brazilian corn is now cheaper than the US.  May corn resistance is at $3.92 1/2 with support at $3.82.  December corn resistance at $4.16 1/2 with supports around $4.05.  May soybean resistance at $10.67 1/4 and support at $10.47 1/4 – $10.42 1/4.  Nov resistance at the contract high of $10.60  with supports at $10.41 1/2 then $10.35 1/2.  Crop progress reports will be out this afternoon.

Afternoon Update:

Grains lower today with no fresh news to trade and improving weather forecasts for the next 2 weeks for planting.  Farmer selling was slow today and we saw slight improvements in old crop corn and bean basis.  May corn resistance falls to $3.89 ¼, the high both last Thursday and Friday with support still at $3.82. Dec corn resistance now seen at $4.11 ½, then at the double top of $4.16 ½. May soybeans resistance at last week’s $10.67 ¼ high, then at the contract high at $10.82 ½.  First support was breached today, putting next support at $10.42 ¼ to $10.35 ¼.  Nov soybeans resistance still at the contract high at $10.60, with support at the 10-day moving average of $10.41 ½ being taken out today, leaving next support at $10.34 ½, then $10.29.  I think we are all ready for some warmer weather after today.


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