May CBOT corn futures slipped to a slightly lower close Thursday, as forecasts for warmer weather in parts of the Corn Belt triggered expectations that farmers will be able to speed field work and spring planting tasks.

Technically, the near-term outlook remains on the defensive. The corn contract marked out a short-term top at Wednesday's high at $5.19, and that zone is now major resistance. The medium-term technical trend remains bullish, but a period of consolidation and choppy trade may be seen in the near term.

On the downside, buying interest emerged ahead of a strong band of support in the $4.92-$4.90 zone, on Thursday. That remains a significant floor to watch in the near term. If support at $4.90 were to give way, additional selling pressure could be seen with major support at $4.75.

On the upside, the short-term ceilings remain the same, with minor resistance at $5.08 1/4 and major resistance at $5.19.

$6.76 1/2 -- the contract high 
   $5.00 3/4 -- the 10-day moving average 
   $4.92 3/4 -- the 20-day moving average 
   $4.81     -- the 40-day moving average 
   $4.14 1/2 -- the contract low 
 
 MAY CBOT WHEAT, combined pit and electronic trading

May CBOT wheat also weakened Thursday amid speculation that domestic demand for the grain will decline. Overall, world supplies remain ample for wheat, and the market has seen a strong price run-up in recent weeks. From the January low to the March high, May wheat has climbed from $5.53 1/2 to $7.23 1/2.

The near-term outlook remains weak and corrective. Thursday's action saw May wheat test and hold initial support at $6.58 3/4, the April 4 low, on a closing basis. That remains an important zone to monitor. The $6.58 area also represents a 38.2% Fibonacci retracement of the late-January to late-March rally move. If sustained declines are seen under $6.58 3/4, additional weakness is possible with the next Fibonacci retracement supports at $6.38 1/2 and $6.18 1/2.

For now, the medium-term trend outlook remains bullish, and the recent weakness can be considered corrective in nature. Daily momentum studies remain in a weak position and are either trending lower or at oversold levels, which could open the door to another wave of selling.

It would take a rally back above resistance at $6.88 to improve the near-term outlook.

$8.98     -- the contract high 
   $6.78     -- the 10-day moving average 
   $6.88 3/4 -- the 20-day moving average 
   $6.57 3/4 -- the 40-day moving average 
   $5.53 1/2 -- the contract low 
 
 MAY KC WHEAT, combined pit and electronic trading

May Kansas wheat fell Thursday through support at $7.24 1/2, the April 4 low, as renewed selling pressure emerged. That also marks a breakdown under a 38.2% retracement of the major rally move seen from late January into the late-March high. The next downside target lies at a 50% retracement seen at $7.01. On the upside, Wednesday's high is now resistance at $7.49 1/4. A rally through that ceiling would be needed to improve the outlook, but that isn't the favored scenario. The bears are in control of the short-term trend.

$9.40     -- the contract high 
   $7.43 1/4 -- the 10-day moving average 
   $7.58 3/4 -- the 20-day moving average 
   $7.27 1/4 -- the 40-day moving average 
   $6.05     -- the contract low