The May contract picked up 77 points and closed a bearish overhead gap today despite US planting intentions that were reported higher than expectations, settling at 58.44. Too, we interpreted this week’s export report to be no better than neutral. The settlement was within the upper one quarter of today’s tight trading range. The July contract gained 59 points, settling at 58.31, the net effect leaving the May – July spread strengthened at 9. Volume quickened for May delivery at approximately 22.6K contracts while May OI contracted at just above 109K contracts. Gaps remain above the market on the front month continuation chart at 61.89 – 61.94, 63.91 – 63.97, 66.75 – 66.91, 67.36 – 67.39 and at 77.80 – 78.00. Dec futures gained 32 points at 57.77.
For tomorrow…