INO Evening Market Comments
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Started by tallpine - April 27, 2022, 4:26 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, April 28, 2022 



8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 184K)

                       Jobless Claims, Net Chg (previous -2K)

                       Continuing Claims (previous 1417000)

                       Continuing Claims, Net Chg (previous -58K)



8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 1268.8K)

                       Soybeans (Metric Tons) (previous 1700.2K)

                       Wheat (Metric Tons) (previous 264.8K)



8:30 AM ET. 1st Quarter Advance estimate GDP

                       Annual Rate, Q/Q% (previous +6.9%)

                       Chain-Weighted Price Idx, Q/Q% (previous +7.1%)

                       PCE Price Idx, Q/Q% (previous +6.4%)

                       Purchase Price Idx, Q/Q% (previous +7.0%)

                       Real Final Sales 1st Est, Q/Q% (previous +1.5%)

                       Core PCE Price Idx, Q/Q% (previous +5.0%)

                       Personal Consumption, Q/Q% (previous +2.5%)



10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1450B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +53B)

                       

11:00 AM ET. April Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous 46)

                       6-Mo Exp Prod Idx (previous 61)

                       Mfg Composite Idx (previous 37)

                       6-Mo Exp Composite Idx (previous 41)



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, April 29, 2022 



8:30 AM ET. March Personal Income & Outlays

                       Personal Income, M/M% (previous +0.5%)

                       Consumer Spending, M/M% (previous +0.2%)

                       PCE Price Idx, M/M% (previous +0.6%)

                       PCE Price Idx, Y/Y% (previous +6.4%)

                       PCE Core Price Idx, M/M% (previous +0.4%)

                       PCE Core Price Idx, Y/Y% (previous +5.4%)



8:30 AM ET. 1st Quarter Employment Cost Index



                       ECI, Q/Q% (previous +1.0%)

                       ECI, Y/Y% (previous +4.0%)



9:45 AM ET. April Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (previous 62.9)



10:00 AM ET. April University of Michigan Survey of Consumers - final

                       End-Mo Sentiment Idx (previous 59.4)

                       End-Mo Expectations Idx (previous 54.3)

                       12-Month Inflation Forecast (previous 5.4%)

                       5-Year Inflation Forecast (previous 3.0%)

                      End-Mo Current Idx (previous 67.2)



3:00 PM ET. March Agricultural Prices

                       Farm Prices, M/M% (previous +7.4%)


The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes



The Dow closed closed higher on Wednesday as it consolidated some of the decline off last-Thursday's high.The low-range close sets the stage for a steady to slightly higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the aforementioned decline, the 87% retracement level of the February-April rally crossing at 32,696.19 is the next downside target. Closes above the 20-day moving average crossing at 34,480.43 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 34,480.43. Second resistance is last-Thursday's high crossing at 35,492.22. First support is the 75% retracement level of the February-April rally crossing at 33,084.03. Second support is the 87% retracement level of the February-April rally crossing at 32,696.19. 



The June NASDAQ 100 posted an inside day with a higher close on Wednesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the March-2021 low crossing at 12,727.50 is the next downside target. Closes above the 20-day moving average crossing at 14,154.85 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 13,698.25. Second resistance is the 20-day moving average crossing at 14,154.85. First support is March's low crossing at 13,417.25. Second support is the March-2021 low crossing at 12,727.50.



The June S&P 500 posted an inside day with a higher close on Wednesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, February's low crossing at 4094.25 is the next downside target. Closes above the 20-day moving average crossing at 4424.23 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4346.20. Second resistance is the 20-day moving average crossing at 4424.25. First support is the 87% retracement level of the February-March rally crossing at 4162.47. Second support is February's low crossing at 4094.25.



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



June T-bonds closed down 27/32's at 141-19. 



June T-bonds closed lower on Wednesday as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 143-20 would signal that a short-term low has been posted. If June renews the decline off March's high, the October-2018 low on the monthly continuation chart crossing at 136-16 is the next downside target. First resistance is the 20-day moving average crossing at 143-20. Second resistance is the 50-day moving average crossing at 149-15. First support is last-Wednesday's low crossing at 138-14. Second support is the October-2018 low on the monthly continuation chart crossing at 136-16.



June T-notes closed down 95 pts. at 119.240.



June T-notes closed lower on Wednesday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 120.138 would signal that a short-term low has been posted. If June renews the decline off March's high, the October-2018 low on the monthly continuation chart crossing at 117.135 is the next downside target. First resistance is the 20-day moving average crossing at 120.138. Second resistance is the March 31st high crossing at 123.040. First support is last-Friday's low crossing at 118.080. Second support is the October-2018 low on the monthly continuation chart crossing at 117.135.  



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



June crude oil closed slightly higher on Wednesday as it extends the symmetrical triangle that began in early-March.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI have turned neutral signaling that sideways trading is possible. If June renews the rally off April's low, the March 24th high crossing at $113.51 is the next upside target. First resistance is the March 24th high crossing at $116.61. Second resistance is March's high crossing at $121.17. First support is April's low crossing at $92.60. Second support is March's low crossing at $92.20.   



June heating oil closed higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, March's high crossing at 4.0170 is the next upside target. Closes below the 20-day moving average crossing at $3.4521 would signal that a short-term top has been posted. First resistance is March's high crossing at $4.0170. Second resistance is weekly resistance on the weekly continuation chart crossing at $4.7099. First support is the 20-day moving average crossing at $3.4524. Second support is the 50-day moving average crossing at $3.2377.     



June unleaded gas closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 75% retracement level of March's decline crossing at 3.4806 is the next upside target. Closes below the 50-day moving average crossing at $3.1191 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of March's decline crossing at 3.4806. Second resistance is the 87% retracement level of March's decline crossing at 3.5887. First support is the 20-day moving average crossing at $3.2004. Second support is the 50-day moving average crossing at 3.1191.      



June Henry natural gas closed higher on Wednesday as it consolidated some of the decline off last-Monday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish again signaling that sideways to higher prices are possible near-term. Today's close above the 10-day moving average crossing at 7.167 tempered the near-term bearish outlook. Closes below Monday's low crossing at 6.471 would open the door for a larger-degree decline near-term. First resistance is last-Monday's high crossing at 8.197. Second resistance is the 50% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 8.606. First support is Monday's low crossing at 6.471. Second support is the 50% retracement level of the December-April rally crossing at 5.828.     



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The June Dollar closed higher for the fifth-day in a row on Wednesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If June extends the rally off January's low, the 2020-high on the monthly continuation chart crossing at $103.96 is the next upside target. Closes below the 20-day moving average crossing at $97.69 would signal that a short-term top has been posted. First resistance is the 2020-high on the monthly continuation chart crossing at $103.96. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.72. First support is the 10-day moving average crossing at $101.12. Second support is the 20-day moving average crossing at $100.19.  



The June Euro closed lower for the fifth-day in a row on Wednesday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off the March 31st high, the December-2016 low on the weekly continuation chart crossing at $103.68 is the next downside target. Closes above the 20-day moving average crossing at $108.85 would signal that a short-term low has likely been posted. First resistance is the 10-day moving average crossing at $107.90. Second resistance is the 20-day moving average crossing at $108.85. First support is today's low crossing at $105.35. Second support is the December-2016 low on the weekly continuation chart crossing at $103.68.



The June British Pound closed lower for the fifth-day in a row on Wednesday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 75% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2232 is the next downside target. Closes above the 20-day moving average crossing at 1.2985 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 1.3145. Second resistance is the 50-day moving average crossing at 1.3153. First support is today's low crossing at 1.2502. Second support is the 75% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2232.  

 

The June Swiss Franc closed lower for the fifth-day in a row on Wednesday as it extended the decline off the March 31st high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off the March 31st high, the 75% retracement level of the 2016-2021 on the monthly continuation chart crossing at 1.0111 is the next downside target. Closes above the 20-day moving average crossing at 1.0661 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0528. Second resistance is the 20-day moving average crossing at 1.0661. First support is today's low crossing at 1.0330. Second support is the the 75% retracement level of the 2016-2021 on the monthly continuation chart crossing at 1.0111.



The June Canadian Dollar closed higher on Wednesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, March's low crossing at 77.51 is the next downside target. Closes above the 20-day moving average crossing at 79.36 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 79.02. Second resistance is the 20-day moving average crossing at 79.36. First support is the 87% retracement level of the March-April rally crossing at 77.91. Second support is March's low crossing at 77.51.  



The June Japanese Yen closed lower on Wednesday as it extends the trading range of the past five-days. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.079801 would signal that a short-term low has been posted. If March renews the decline off March's high, March's low the February-2002 low on the monthly continuation chart crossing at 0.074150 is the next downside target. First resistance is the 10-day moving average crossing at 0.078497. Second resistance is the 20-day moving average crossing at 0.079801. First support is last-Tuesday's low crossing at 0.077385. Second support is the February-2002 low on the monthly continuation chart crossing at 0.074150.  



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



June gold closed lower on Wednesday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 62% retracement level of the 2021-2022 rally crossing at $1841.50 is the next downside target. Closes above the 10-day moving average crossing at $1943.00 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1943.00. Second resistance is April's high crossing at $1997.10. First support is the 50% retracement level of the 2021-2022 rally crossing at $1887.60. Second support is the 62% retracement level of the 2021-2022 rally crossing at $1841.50.  



July silver closed lower on Wednesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 75% retracement level of the December-March rally crossing at 23.023 is the downside target. Closes above the 50-day moving average 25.034 would signal that a short-term low has been posted. First resistance is the 50-day moving average 25.034. Second resistance is April's high crossing at 26.575. First support is the 75% retracement level of the December-March rally crossing at 23.023. Second support is the 87% retracement level of the December-March rally crossing at 22.316.        



July copper closed slightly lower on Wednesday as it extended the decline off April's high. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 75% retracement level of the December-March rally crossing at 4.3362 is the next downside target. Closes above the 20-day moving average crossing at 4.6894 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.6894. Second resistance is April's high crossing at 4.8600. First support is Tuesday's low crossing at 4.4080. Second support is the 75% retracement level of the December-March rally crossing at 4.3362.



GRAINS? http://quotes.ino.com/ex?changes/?c=grains "



July Corn closed up $0.10 3/4-cents at $8.12 1/4. 



July corn closed higher on Wednesday and posted a new contract high as it renewed this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the March 29th low, the August-2012 high on the monthly continuation chart crossing at $8.43 3/4 is the next upside target. Closes below the 20-day moving average crossing at $7.71 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $8.18 1/2. Second resistance is the August-2012 high on the monthly continuation chart crossing near $8.43 3/4. First support is the 20-day moving average crossing at $7.71 1/4. Second support is the 50-day moving average crossing at $7.28 3/4.     



July wheat closed down $0.03 3/4-cents at $10.91 1/4.  



July wheat closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $10.68 would signal that a short-term top has been posted. If July renews the rally off March's low, the 62% retracement level of the March decline crossing at $11.59 1/4 is the next upside target. First resistance is the 62% retracement level of the March decline crossing at $11.59 1/4. Second resistance is the 75% retracement level of the March decline crossing at $12.00 1/4. First support is the 20-day moving average crossing at $10.68. Second support is the 50-day moving average crossing at $10.35 3/4. 



July Kansas City Wheat closed down $0.10 1/2-cents at $11.54.

 

July Kansas City wheat closed lower on Wednesday as it extended the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $11.21 1/4 would signal that a short-term top has been posted. If July renews the rally off the 87% retracement level of March's decline crossing at $12.28 is the next upside target. First resistance is last-Tuesday's high crossing at $12.02 1/4. Second resistance is the 87% retracement level of March's decline crossing at $12.28. First support is the 20-day moving average crossing at $11.21 1/4. Second support is the 50-day moving average crossing at $10.66 3/4.



July Minneapolis wheat closed up $0.06 3/4-cents at $11.94 3/4.



July Minneapolis wheat closed higher on Wednesday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are is possible near-term. If July extends the rally off the March 29th low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.36 1/2 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $11.99 3/4. Second resistance is the March 29th low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2. First support is the 20-day moving average crossing at $11.36 1/2. Second support is the 50-day moving average crossing at $10.81 1/4. 

       

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



July soybeans closed down $0.21-cents at $16.92 3/4.



July soybeans closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If July renews the rally off April's low, February's high crossing at $17.41 is the next upside target. Closes below the 50-day moving average crossing at $16.44 3/4 would confirm that a short-term top has been posted. First resistance last-Friday's high crossing at $17.34. Second resistance is February's high crossing at $17.41. First support is the 20-day moving average crossing at $16.54 1/2. Second support is the 50-day moving average crossing at $16.44 3/4.



July soybean meal closed up $4.00 at $441.00. 



July soybean meal closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, the 38% retracement level of the 2021-2022 rally crossing at $422.70 is the next downside target. Closes above the 50-day moving average crossing at $457.40 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $467.80. Second resistance is March's high crossing at $484.60. First support is today's low crossing at $429.00. Second support is the 38% retracement level of the 2021-2022 rally crossing at $422.70. 



July soybean oil closed up 228 pts. at 84.72. 



July soybean oil closed sharply higher on Wednesday as it extends this year's rally. The high-range close sets the stage for a higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 75.41 would signal that a short-term top has been posted. First resistance is today's high crossing at 85.77. Second resistance is unknown. First support is the 10-day moving average crossing at 79.56. Second support is the 20-day moving average crossing at 75.41. 

 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



June hogs closed down $0.83 at $110.35. 



June hogs closed lower on Wednesday as it extended the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Tuesday's high, the 50% retracement level of the September-April rally crossing at $107.13 is the next downside target. Closes above the 50-day moving average crossing at $117.58 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $117.58. Second resistance is April's high crossing at $123.08. First support is the 50% retracement level of the September-March rally crossing at $107.13. Second support is the 62% retracement level of the September-March rally crossing at $102.37.  



June cattle closed down $1.23 at $135.03 



June cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Friday's high, April's low crossing at $132.48 is the next downside target. Closes above Monday's gap crossing at $138.35 would signal that a short-term low has been posted. First resistance is the 75% retracement level of the February-March decline crossing at $140.29. Second resistance is the the 87% retracement level of the February-March decline crossing at $141.78. First support is April's low crossing at $133.48. Second support is March's low crossing at $130.97.   



August Feeder cattle closed down $4.20 at $168.95. 



August Feeder cattle closed sharply lower on Wednesday as it renewed the decline off February's high. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the decline off March's high, last-November's low crossing at $166.77 is the next downside target. Closes above the 20-day moving average crossing at $174.12 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $174.12. Second resistance is the 50-day moving average crossing at $177.99. First support is last-November's low crossing at $166.77. Second support is the September-2021 low crossing at $166.08.  



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



July coffee closed lower for the fourth-day in a row on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the March 28th low crossing at 21.27 is the next downside target. Closes above the 50-day moving average crossing at 22.76 would signal that a short-term low has been posted.                



July cocoa closed higher on Wednesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the December 20th low crossing at 24.59 is the next downside target. Closes above the 50-day moving average crossing at 26.19 would signal that a short-term low has been posted.          



July sugar closed slightly lower and below the 50-day moving average crossing at 18.97 on Wednesday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the March 16th low crossing at 18.44 is the next downside target. Closes above the 20-day moving average crossing at 19.59 would signal that a short-term low has been posted.                



July cotton closed limit up on Wednesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off March's low, the 62% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 154.43 is the next upside target. If July resumes this month's decline, the April 11th low crossing at 130.25 is the next downside target.   

Comments
By metmike - April 27, 2022, 4:50 p.m.
Like Reply

Thanks tallpine!

I'll try to have daily updates on the weather in the Midwest/Plains.


https://www.marketforum.com/forum/topic/83643/#83735

Rain amounts for next week have jumped way up. Bad for planting prospects. Bullish for corn prices, bearish for HRW prices(some drought areas get rain).

         

The latest precip forecasts are below.

 

Day 1 below:

http://www.wpc.ncep.noaa.gov/qpf/fill_94qwbg.gif?1526306199054

http://www.wpc.ncep.noaa.gov/qpf/fill_94qwbg.gif?1531339983148

Day 2 below:

http://www.wpc.ncep.noaa.gov/qpf/fill_98qwbg.gif?1528293750112


http://www.wpc.ncep.noaa.gov/qpf/fill_98qwbg.gif?1531340045174


Day 3 below:

http://www.wpc.ncep.noaa.gov/qpf/fill_99qwbg.gif?1528293842764

http://www.wpc.ncep.noaa.gov/qpf/fill_99qwbg.gif?1531340092706



Days 4-5 below:

http://www.wpc.ncep.noaa.gov/qpf/95ep48iwbg_fill.gif?1526306162

http://www.wpc.ncep.noaa.gov/qpf/95ep48iwbg_fill.gif?1531339379

 Days 6-7 below:

http://www.wpc.ncep.noaa.gov/qpf/97ep48iwbg_fill.gif?1526306162

http://www.wpc.ncep.noaa.gov/qpf/97ep48iwbg_fill.gif?1531339379

7 Day Total precipitation below:

http://www.wpc.ncep.noaa.govcdx /qpf/p168i.gif?1530796126

http://www.wpc.ncep.noaa.gov/qpf/p168i.gif?1530796126

                    

                    

                            Excessive rain threat.

https://www.wpc.ncep.noaa.gov/qpf/excess_rain.shtml


Current Day 1 ForecastCurrent Day 1 Excessive Rainfall Forecast


Day 1 Threat Area in Text Format  


Current Day 2 ForecastCurrent Day 2 Excessive Rainfall Forecast



                  

                            Current Day 3 Excessive Rainfall Forecast

              

                                    


                 

                By metmike - April 27, 2022, 12:01 p.m.            

            

                            2 week rain totals from the last 0Z European model:

Weather Model

                                    


                                   By metmike - April 27, 2022, 4:43 p.m.            

            

Last 12z European model update for 2 week rains. The grey in the epicenter is 5 inches of rain.  The far western part of the rain shield is in the eastern and northern drought areas where the HRW crop is stressed. It will help.

The majority is very UNwanted to producers that really want to get started planting.

Weather Model

                                    


            


By metmike - April 27, 2022, 5:44 p.m.
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