July CBOT corn futures lurched higher for the second session in a row boosted by weather forecasts for rain and cold in parts of the Midwest, which could slow or halt spring planting progress. U.S. corn seeding is already behind the average for this time of year.

Technically, the near term outlook is constructive. The bulls have propelled the corn market back within an old range bordered by roughly $5.13-5.17 on the upside, and that zone is now resistance. If a push through $5.17 were seen it would open the door for a retest of the $5.24 1/4 high hit on April 9.

The April 21 plunge to $4.90 3/4 can be marked a "bear trap" on the daily chart as the market quickly reversed from those lower levels, thus trapping the bears.

Bottom line? The near-term trend is constructive. The intermediate-term trend is bullish. The corn contract needs to bust through resistance at $5.17 to unleash a retest of the April 9 spike high. Support now lies at $5.00 1/4-$4.98 1/2.

$6.76     -- the contract high

$5.04 3/4 -- the 10-day moving average

$5.04     -- the 20-day moving average

$4.94 1/4 -- the 40-day moving average

$4.21 3/4 -- the contract low

JULY CBOT WHEAT, combined pit and electronic trading

July CBOT wheat gained for the second session in a row on Wednesday. Market tone is more subdued than in the corn market, but the bulls are taking a stand. Nearby support lies at $6.69 ahead of a more important swing low at $6.63 3/4, the April 10 daily low. As long as support holds, look for wheat bulls to press the market higher.

Looking at the market from a multiweek perspective, since the March 20 high, July wheat has been trading in a well-defined neutral range on the daily chart between major resistance at $7.25 1/4-$7.18 1/4 and major support at $6.63 3/4.

Minor resistance lies at $6.95 1/4. If the bulls can climb toward that ceiling it would be an encouraging signal and could open the door for probing back toward the top of the large neutral range.

The intermediate term trend is bullish.

$8.57 3/4 -- the contract high

$6.84 1/4 -- the 10-day moving average

$6.87 3/4 -- the 20-day moving average

$6.77 1/4 -- the 40-day moving average

$5.57 1/4 -- the contract low

JULY KC WHEAT, combined pit and electronic trading

July Kansas wheat closed higher the second day in a row on Wednesday. Short-term support has formed at the $7.36 3/4 zone, ahead of a more important floor at the April 11 low at $7.23 1/4. The bulls are trying to stabilize the market and if initial support at $7.36 3/4 holds firm, look for the market to continue to probe higher. Minor resistance lies at $7/65, ahead of a more important ceiling at $7.80 1/4, the April 16 high. The intermediate-term trend remains bullish, but near term the market is in a corrective and consolidative phase.

$8.67     -- the contract high

$7.47 3/4 -- the 10-day moving average

$7.52     -- the 20-day moving average

$7.40 1/2 -- the 40-day moving average

$5.99     -- the contract low