GRAINS,SOYBEAN COMPLEX

May Corn closed down 12 1/4-cents at 7.42.


May corn closed lower on Friday as it extends this week's decline below
initial support marked by the 10-day moving average crossing at 7.59 3/4. The
low-range close sets the stage for a steady to lower opening on Monday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible. Closes below the March 18th gap crossing at 6.93 3/4 would confirm
that a short-term top has been posted. If May renews this year's rally, the
inverted head and shoulders pattern posted during February and March projects a
potential upside target of 8.50 later this spring. First resistance is Monday's
high crossing at 7.83 3/4. Second resistance is the inverted head and shoulders
pattern posted during February and March projects a potential upside target of
8.50. First support is the 20-day moving average crossing at 7.23 3/4. Second
support is the March 18th gap crossing at 6.93 1/4.


May wheat closed up 3 3/4-cents at 7.44 1/4.


May wheat closed higher due to short covering on Friday but remains below
the 20-day moving average crossing at 7.53 1/4. The high-range close sets the
stage for a steady to higher opening on Monday. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term. If May
extends this week's decline, the reaction low crossing at 7.21 is the next
downside target. Closes above the 10-day moving average crossing at 7.72 1/2
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 7.71 1/2. Second resistance is Monday's high
crossing at 8.09 1/4. First support is today's low crossing at 7.30. Second
support is the reaction low crossing at 7.21.


May Kansas City Wheat closed up 1 1/2-cents at 8.65 1/2.


May Kansas City wheat closed higher due to short covering on Friday as it
consolidated some of this week's decline but remains below the 20-day moving
average crossing at 8.86 3/4. The high-range close sets the stage for a steady
to higher opening on Monday. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term. If May extends this week's
decline, the reaction low crossing at 8.25 is the next downside target. Closes
above the 10-day moving average crossing at 9.12 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 8.86 3/4. Second resistance is the 10-day moving average crossing
at 9.12. First support is today's low crossing at 8.55 1/2. Second support is
the reaction low crossing at 8.25.


May Minneapolis wheat closed down 3/4-cents at 8.89.


May Minneapolis wheat closed fractionally lower on Friday as it extends this
week's decline below the 20-day moving average. The high-range close sets the
stage for a steady to higher opening on Monday. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. If May
extends this week's decline, the reaction low crossing at 8.53 1/4 is the next
downside target. Closes above the 10-day moving average crossing at 9.30 1/4
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 9.30 1/4. Second resistance is last Tuesday's
high crossing at 9.73 1/2. First support is today's low crossing at 8.80.
Second support is the reaction low crossing at 8.53 1/4. 



SOYBEAN COMPLEX

May soybeans closed up 3/4-cents at 13.31 3/4.

May soybeans closed fractionally higher due to short covering on Friday and
the high-range close sets the stage for a steady to higher opening on Monday.
Stochastics and the RSI are oversold but remain bearish signaling that sideways
to lower prices are still possible. If May extends this week's decline, March's
low crossing at 12.70 is the next downside target. Closes above Monday's high
crossing at 14.06 1/2 would confirm that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 13.63. Second
resistance is Monday's high crossing at 14.06 1/2. First support is Thursday's
low crossing at 13.16 1/2. Second support is March's low crossing at 12.70.


May soybean meal closed up $2.70 at $345.20.


May soybean meal closed higher due to short covering on Friday as it
consolidates some of the decline off March's high. The high-range close sets
the stage for a steady to higher opening on Monday. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. If May extends the decline off the late-March high, the
50% retracement level of the 2010-2011 rally crossing at 323.50 is the next
downside target. Closes above the 20-day moving average crossing at 355.50 are
needed to temper the near-term bearish outlook. First resistance is the 10-day
moving average crossing at 349.60. Second resistance is the 20-day moving
average crossing at 355.50. First support is Thursday's low crossing at 337.60.
Second support is the 50% retracement level of the 2010-2011-rally crossing at
323.50.


May soybean oil closed down 3-pts. at 56.84.


May soybean oil closed lower on Friday as it extends this week's decline
below the 20-day moving average crossing at 57.51 confirming that a short-term
top has been posted. The mid-range close sets the stage for a steady to lower
opening on Monday. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. If May extends this week's decline, the
reaction low crossing at 54.87 is the next downside target. Closes above the
10-day moving average crossing at 58.17 would temper the bearish outlook. First
resistance is the 10-day moving average crossing at 58.17. Second resistance is
Monday's high crossing at 60.41. First support is today's low crossing at
56.47. Second support is the reaction low crossing at 54.87. 
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