Monday's HeadlinesUSDA Planting Progress Corn: 11% planted, in line with estimates and the same period last year. Soybeans: 12% planted, in line with expectations and 7% ahead of the 5-year average pace. Spring Wheat: 12% planted, 1% behind the expected pace, but inline with the 5 year average pace. Winter Wheat Conditions: 30% good/excellent, 3% below expectations and 4% below last week's report. Weekly Export Inspections
CORNÂTechnicals (May)May corn futures traded on both sides of unchanged to start the week, ultimately finishing higher and near last week's highs. All in all, not much has changed on the technical front, as the market remains contained within support and resistance levels. With May options expiration this Friday, that seems like it could remain this week's theme. Looking beyond that, the markets ability to stage consecutive closes above the 100 and 200 day moving averages are constructive and could turn into a technical tailwind so long as they hold. Looking at the December contract, 480 1/2-481 is the hurdle Bulls want to close out above. If they can achieve that with some conviction, it could reignite some near term momentum. The downside risk/support seems pretty well defined from about 468-470. Below that and technical pressure likely accelerates. Technical Levels of Importance
SOYBEANSTechnicals (May)Soybeans are working higher this morning, trading above the highs from Sunday night. Yesterday's trade was interesting with prices marking their highs on the Sunday night open, and marking their lows at the 8:30 open. From there, prices were contained but worked higher into the afternoon session. That has fueled some technical momentum this morning, weather or not that holds through the 8:30 open today could set the tone for the session. Working with clients yesterday, we continued to emphasize the short term mindset as this market remains mostly rangebound. If you're interested in being more active on that front, please don't hesitate to call the trade desk to discuss price points to get orders working. Looking at the November contract, prices are closer to taking out the top end of the recent range 1164 1/4, above that is the contract high, 1174 1/4. Above that and we are back in uncharted territory with the next psychological level coming in at $12.00. Technical Levels of Importance
WHEATTechnicals (May)Wheat futures continue to linger along the 20-day moving average, which coincides with our pivot pocket from 595-600. This continues to be a near term inflection point. Consecutive closes above it adds a tailwind to prices, while the opposite will likely yield opposite results. Needless to say, some traders are in a wait and see mode. Over the past few years, selling rallies has been rewarded in wheat, but this feels somewhat different as Funds have exited a 4+ year net short position and seem unlikely to just jump back in on that bias.  Technical Levels of Importance
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