July CBOT corn futures slipped to a slightly lower close Thursday. Corn moved lower amid speculation that U.S. farmers are speeding ahead with corn planting now, ahead of heavy rainfall which is expected throughout next week.

Technically, the market tested initial resistance at $5.13, but then failed to sustain gains above it and retreated to a weaker close. Short-term, the July corn contract is trading in a range between resistance at $5.13-5.17 on the upside and $5.00-$4.98 1/2 on the downside. Look for choppy range trade within that tight zone near term.

The bulls would need to sustain a strong rally through $5.13 and then $5.17 to open the door for a retest of the $5.24 1/4 high hit on April 9. On the downside, the $5.00-$4.98 1/2 zone should act as a strong floor, but if it were to crack it would open the door to a retest of $4.90 3/4.

The intermediate term trend is bullish, but in the near term a consolidative trade has taken hold of the corn market.

$6.76     -- the contract high

$5.04 1/2 -- the 10-day moving average

$5.04 3/4 -- the 20-day moving average

$4.95 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 soared to a sharply higher close Thursday. Wheat gained support from weather forecasts that suggest rain will miss parts of the U.S. southern Great Plains where drought has intensified and caused stress to the winter wheat crop.

Technically, the punch higher is a bullish sign, but the market remains trapped within a well-defined multiweek neutral range. The action could be forming a potential triangle pattern. Triangle formations are generally continuation patterns, but it would take a rally through the top of the triangle to confirm the bullish potential of the possible pattern. Triangle trendline resistance can be drawn off the March 20 and April 16 daily highs, which offers resistance at $7.16 3/4.

Since March 20, July wheat has been trading between major resistance at $7.25 1/4 and major support at $6.63 3/4. Those areas remain the key chart points to watch. The most recent swing low support at $6.69 from April 22 failed to test the range bottom. Now the market is swinging higher, aiming towards the range top. Minor resistance lies at $7.18 1/4. Gains through there would open the door to the range top at $7.25 1/4. The intermediate term trend is bullish.

$8.57 3/4 -- the contract high

$6.86 1/4 -- the 10-day moving average

$6.87 1/2 -- the 20-day moving average

$6.79 1/2 -- the 40-day moving average

$5.57 1/4 -- the contract low

JULY KC WHEAT, combined pit and electronic trading

July Kansas wheat punched higher Thursday. The near-term pattern is consolidative and could be forming a triangle. The bulls are taking aim at initial resistance at $7.80 1/4/ Gains through there would open the door to target major resistance at $7.94 1/2. Important support now comes in at $7.36 3/4 zone, ahead of a more-important floor at the April 11 low at $7.23 1/4.

The intermediate term trend remains bullish, but near term the market is in a corrective and consolidative phase.

$8.67     -- the contract high

$7.50 1/2 -- the 10-day moving average

$7.51 3/4 -- the 20-day moving average

$7.42 3/4 -- the 40-day moving average

$5.99     -- the contract low