Planting Season Doldrums

May corn turned lower after achieving our sales goal of 373. Stochastics point lower from here. Support is 363, 350 with risk to 333. Seasonally the market tends to firm from here until mid-May and then again until mid-July. Target 373 to advance sales.

Dec corn turned lower after achieving our sales goal of 394. Support is 383, 374 with risk to 360. Lower seedings should give us a chance to sell 390 or better again.

May soybeans are tracking the 20 day-moving average of 952. Support is 935 with risk to 880. Stochastics point higher from here, however, fundamentals are bearish therefore a sustained rally is not expected. Holders of 2016 crop soybeans should advance sales.

Nov soybeans are tracking the 20-day moving average of 958. Support is 955, 907 with longer term downside risk to 870. Producers should advance sales of 2017 production here if coverage is needed.

May/July wheat support pointing lower with downside target 404 and 420 respectively.