May CBOT corn futures slipped to a slightly lower close Monday amid speculation that drier, warmer weather this week will allow U.S. farmers to resume planting in parts of the Corn Belt.

Technically, Monday's action registered a quiet, "inside day" session in which the high and low remained within Friday's range. Overall, the trend pattern remains bullish on a near- and medium-term basis, but the bulls have been stymied by resistance around $5.02 1/2, the March 7 high, in recent days. That remains a ceiling the bulls need to conquer to open the door to a fresh buying wave.

Last week's action marked $5.12 1/2 as major nearby resistance, just shy of $5.13, the Sept. 3, 2013, spike high and daily resistance point.

The market is in a sort of "holding pattern" short-term below that major $5.13 resistance and above short-term support around $4.90 1/2. This isn't a strongly trending market. For now, choppy, consolidative range trade is likely to continue as traders await fresh fundamental news.

On the downside, support remains at $4.90 1/2. If that floor were to give way, it would open the door for a push back toward the bottom of the recent range, around $4.75.

$6.76 1/2 -- the contract high 
   $4.96     -- the 10-day moving average 
   $4.90     -- the 20-day moving average 
   $4.76 3/4 -- the 40-day moving average 
   $4.14 1/2 -- the contract low 
 
MAY CBOT WHEAT, combined pit and electronic trading

May CBOT wheat rebounded to a higher close Monday, after little rain fell in western portions of the U.S. southern Great Plains over the weekend, where winter-wheat crops remain dry.

Technically, May wheat may be attempting to stabilize above support at $6.58 3/4, Friday's low, which coincided with a 38.2% Fibonacci retracement of the late-January to late-March rally move.

On the upside, resistance lies at $6.88. Gains would be needed above there to reignite near-term bullishness. On the downside, if support at $6.58 3/4 gives way, a continuing corrective decline could test some or all of these retracement points in the days ahead at $6.38 1/2 (50%) and $6.18 1/2 (61.8%).

Looking at the larger technical outlook, the intermediate-term trend off the late-January low remains bullish for now, and this selloff from the March 20 high can be considered corrective.

$8.98     -- the contract high 
   $6.88 1/4 -- the 10-day moving average 
   $6.89     -- the 20-day moving average 
   $6.51 1/2 -- the 40-day moving average 
   $5.53 1/2 -- the contract low 
 
MAY KC WHEAT, combined pit and electronic trading

May Kansas wheat bounced to a slightly higher close Monday but posted a consolidative inside-day session. The near-term trend remains down, but a short-term low may be forming around $7.24 1/2. Looking at last week's selling action, Friday's selloff stalled at 38.2% of the major rally move seen from late January into the late-March high. That retracement support comes in around $7.24 1/4. Look for a sustained push through initial resistance at $7.46 to encourage the bulls. Beyond there, minor resistance lies at $7.56 3/4 and $7.68 1/2. Major resistance remains at $7.99.

On the downside, however, if support at $7.24 1/2 gives way, a 50% retracement is seen at $7.01.

$9.40     -- the contract high 
   $7.58 1/4 -- the 10-day moving average 
   $7.59 1/2 -- the 20-day moving average 
   $7.21 1/2 -- the 40-day moving average 
   $6.05     -- the contract low