MAY CBOT CORN, combined pit and electronic trading

May CBOT corn futures slipped to a lower close Friday, amid warm weather forecasts for much of the Corn Belt, which should allow farmers to make progress on spring planting tasks.

Technically, the May corn contract posted modest losses for the week and a bearish "shooting star" pattern emerged on the weekly corn chart. The candlestick pattern warns of a short-term top at last week's high. Strong nearby resistance is now seen at $5.19. The near-term outlook remains on the defensive. The medium-term technical trend remains bullish, but a period of consolidation and choppy trade develop over the short term.

On the downside, continue to watch action around support in the $4.92-4.90 zone. If the $4.90 floor 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 -- contract high 
$5.01 1/2 -- 10-day moving average 
$4.93 1/2 -- 20-day moving average 
$4.82 1/4 -- 40-day moving average 
$4.14 1/2 -- contract low

MAY CBOT WHEAT, combined pit and electronic trading

May CBOT wheat slid to a lower close Friday, pressured by concerns about reduced domestic demand. The contract also posted losses on the weekly chart and finished in the lower third of the weekly range, which is a bearish position.

The medium-term trend remains bullish, but in the near term, May wheat remains in a downside corrective phase, which could have farther to go. Friday's action saw the market test and hold support at $6.58 3/4, the April 4 low, which is also a 38.2% Fibonacci retracement of the late January to late March rally move. The bears will likely test this zone again early in the week. If sustained declines are seen at less than $6.58 3/4 look for a new selling wave, with retracement supports at $6.38 1/2 and $6.18 1/2.

Daily momentum studies continue pointing lower, though some tools have fallen to oversold levels.

On the upside, a strong chart resistance points at $6.88, the April 9 daily high. The bulls would need to close the market back above that area to turn the near term trend firmly back to bullish.

$8.98 -- contract high 
$6.74 1/2 -- 10-day moving average 
$6.87 1/2 -- 20-day moving average 
$6.59 1/2 -- 40-day moving average 
$5.53 1/2 -- contract low

MAY KC WHEAT, combined pit and electronic trading

May Kansas wheat edged lower Friday and posted losses on the weekly chart. Last week, the market broke initial 38.2% retracement of the major rally move seen from late January into the late March high. The near-term trend remains down, as the market is mired in a bearish corrective phase. The next downside target lies at a 50% retracement seen at $7.01. On the upside, the April 9 high remains a key resistance ceiling at $7.49 1/4.

$9.40 -- contract high 
$7.39 -- 10-day moving average 
$7.57 -- 20-day moving average 
$7.28 3/4 -- 40-day moving average 
$6.05 -- contract low