Wednesday Update

Just a short Wednesday update. The grain contracts I follow had their last trade date today and have switched to the May contracts.

Chicago wheat Is right at support, so watch it close. I think it could bounce up off support. If it breaks through it could go lower.

Corn has moved lower, just like I said. I am holding out for more of a drop, just keep your stops in place.

Oats are at a resistance point and I fully expect a drop. It could be a good one! If if does make a trend down, maybe the rest of the grains will follow suite!
Soybeans did move down a little and are near support. There could be a bounce up, but if they move below support, they could resume the downtrend I was expecting.
Rough rice made a big drop today as I was expecting. I said it would move lower in my last post, and it did. I think it could move lower. It could rebound a little before moving down, but I think it will be primarily down. Just be cautious if is seems to stall around the support level.

Always keep your stops in place.

May Chicago wheat closed today at 463.2, down 13.2Â¢ from Friday.

May corn closed today at 404.6, down 12.8Â¢ from Friday.

May oats closed today at 264.4, up 1.4Â¢ from Friday.

May soybeans closed today at 753.4, down 6.2Â¢ from Friday.

May rough rice closed the week at 10.315

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