KEY EVENTS TO WATCH FOR:

Thursday, April 1, 2021 

7:30 AM ET. March Challenger Job-Cut Report

                       Job Cuts, M/M% (previous -57%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 670K; previous 684K)

                       Jobless Claims, Net Chg (previous -97K)

                       Continuing Claims (previous 3870000)

                       Continuing Claims, Net Chg (previous -264K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 4626.5K)

                       Soybeans (Metric Tons) (previous 166.8K)

                       Wheat (Metric Tons) (previous 414.1K)

9:00 AM ET. IMF Fiscal Monitor analytical chapter launch (virtual)

9:45 AM ET. Bloomberg Consumer Comfort Index

9:45 AM ET. March US Manufacturing PMI

                       PMI, Mfg (expected 59.2; previous 58.6)

10:00 AM ET. March ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (expected 61.6; previous 60.8)

                       Prices Idx (previous 86.0)

                       Employment Idx (previous 54.4)

                       Inventories (previous 49.7)

                       New Orders Idx (previous 64.8)

                       Production Idx (previous 63.2)

10:00 AM ET. February Construction Spending - Construction Put in Place

                       New Construction (expected -1.1%; previous +1.7%)

                       Residential Construction

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1746B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -36B)

11:00 AM ET. March Global Manufacturing PMI

                       PMI, Mfg (previous 53.9)

4:00 PM ET. March Domestic Auto Industry Sales

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, April 2, 2021 

8:30 AM ET. March U.S. Employment Report

                       Non-Farm Payrolls (expected +630K; previous +379K)

                       Unemployment Rate (expected 6.0%; previous 6.2%)

                       Avg Hourly Earnings (USD) (previous 30.01)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.07)

                       Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.23%)

                       Avg Hourly Earnings, Y/Y% (expected +4.6%; previous +5.26%)

                       Overall Workweek (previous 34.6)

                       Overall Workweek Net Chg (previous -0.3)

                       Government Payrolls (previous -86K)

                       Private Payroll (previous +465K)

                       Participation Rate (previous 61.4%)

                       Non-Farm Payrolls Bench Net Chg

  N/A              U.S. stock markets closed on Good Friday

  N/A              Marianas: Good Friday

Monday, April 5, 2021 

9:00 AM ET. G24 Ministers and Governors Meeting (virtual)

9:45 AM ET. March ISM-NY Report on Business

                       Business Index (previous 35.5)

9:45 AM ET. March US Services PMI

                       PMI, Services (previous 59.8)

10:00 AM ET. March ISM Report On Business Services PMI

                       Non-Mfg Composite Idx (previous 55.3)

                       Non-Mfg Business Idx (previous 55.5)

                       Prices Idx (previous 71.8)

                       Employment Idx (previous 52.7)

                       New Orders Idx (previous 51.9)

10:00 AM ET. March Employment Trends Index

                       ETI (previous 101.01)

                       ETI, Y/Y%

10:00 AM ET. February Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (previous +2.6%)

                       Orders, Ex-Defense, M/M% (previous +2.1%)

                       Orders, Ex-Transport, M/M% (previous +1.7%)

                       Durable Goods, M/M%

                       Durable Goods, M/M%

Tuesday, April 6, 2021  

7:45 AM ET. Weekly Chain Store Sales Index

8:55 AM ET. Johnson Redbook Retail Sales Index

                      Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y%

                       Latest Wk, Y/Y%

10:00 AM ET. February Job Openings & Labor Turnover Survey

10:00 AM ET. April IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 55.4)

                       6-Mo Economic Outlook (previous 53.2)

4:30 AM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

  N/A              IMF World Economic Outlook forecast chapters published

  N/A              IMF Global Financial Stability Report main chapters published

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes

The Dow closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. Closes below last-Thursday's low crossing at 32,071.41 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 33,259.00. Second resistance is unknown. First support is last-Thursday's low crossing at 32,071.41. Second support is the 50-day moving average crossing at 31,702.55. 

The June NASDAQ 100 closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 13,163.83 are needed to confirm that a short-term low has been posted. Closes below last-Thursday's low crossing at 12,609.75 would open the door for a possible test of March's low crossing at 12,200.00. First resistance is the March 16th high crossing at 13,287.25. Second resistance is the February 25^th high crossing at 13,337.50.First support is last-Thursday's low crossing at 12,609.75. Second support is March's low crossing at 12,200.00. 

The June S&P 500 closed higher on Wednesday as it renewed the rally off last-March's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 3871.20 would signal that a short-term top has been posted. First resistance is today's high crossing at 3983.75. Second resistance is unknown. First support is the 50-day moving average crossing at 3871.20. Second support is March's low crossing at 3710.50.  

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

June T-bonds closed down 6/32's at 154-27. 

June T-bonds closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.  If June renews the decline off November's high, the June-2019 low on the monthly continuation chart crossing at 152-27 is the next downside target. Closes above last-Thursday's high crossing at 157-08 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 157-08. Second resistance is the 50-day moving average crossing at 160-31. First support is the March 18th low crossing at 153-07. Second support is the June-2019 low on the monthly continuation chart crossing at 152-27.

June T-notes closed down 60-pts. At 131.000.

June T-notes closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off the January 27^th high, the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. Closes above the 20-day moving average crossing at 131.279 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 131.279. Second resistance is the March 2^nd high crossing at 133.230. First support is Tuesday's low crossing at 130.260. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070. 

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

May crude oil closed lower on Wednesday as it extends the trading range of the past eight-days. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 38% retracement level of the November-February-rally crossing at $55.69 is the next downside target. Closes above the 20-day moving average crossing at $62.61 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $62.61. Second resistance is March's high crossing at $67.98.First support is last-Tuesday's low crossing at $57.25. Second support is the 38% retracement level of the November-February-rallycrossing at $55.69.  

May heating oil closed lower on Wednesday as it extended the trading range of the past eight-days. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 38% retracement level of the November-February-rally crossing at $164.17 is the next downside target. Closes above the 20-day moving average crossing at $186.10 would signal that a short-term low has been posted. First resistance is March's high crossing at $198.68. Second resistance is the the 75% retracement level of  the 2018-2020-decline crossing at $199.48. First support is last-Tuesday's low crossing at $174.26. Second support is the 38% retracement level of the November-February-rally crossing at $164.17.  

May unleaded gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If May extends the decline off March's high, the 50-day moving average crossing at $188.59 is the next downside target. Closes above the 20-day moving average crossing at $201.55 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $201.55. Second resistance is March's high crossing at $215.48. First support is the 50-day moving average crossing at $188.59. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    

May Henry natural gas closed lower on Wednesday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Tuesday's high crossing at 2.688 would signal that a short-term low has been posted. If April resumes the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.406 is the next upside target. First resistance is Tuesday's high crossing at 2.688. Second resistance is the 50-day moving average crossing at 2.746. First support is March's low crossing at 2.422. Second support is the 87% retracement level of the December-February rally crossing at 2.406. 

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The June Dollar closed lower on Wednesday as it consolidated some of the rally off January's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 62% retracement level of the September-January-decline crossing at 94.43 is the next downside target. Closes below the 20-day moving average crossing 92.17 would confirm that a short-term top has been posted. First resistance is  the 50% retracement level of the September-January-decline crossing at 93.43. Second resistance is the 62% retracement level of the September-January-decline crossing at 94.43. First support is the 10-day moving average crossing at 92.55. Second support is the 20-day moving average crossing 92.17.    

The June Euro closed slightly higher due to short covering on Wednesday but remain below the 38% retracement level of the 2020-2021-rally crossing at 117.85. The mid-range close sets the stage for a steady to slightly higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extend the decline off January's high, the 50% retracement level of the 2020-2021 rally crossing at 115.98 is the next downside target. Closes above the 20-day moving average crossing at 118.98 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 118.98. Second resistance is the 50-day moving average crossing at 120.39. First support is today's low crossing at 117.21. Second support is the 50% retracement level of the 2020-2021 rally crossing at 115.98.  

The June British Pound closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.3851 are needed to confirm that a short-term low has been posted. If June extends this month's decline, February's low crossing at 1.3586 is the next downside target. First resistance is the reaction high crossing at 1.4009. Second resistance is February's high crossing at 1.4245. First support is the 38% retracement level of the September-February-rally crossing at 1.3672. Second support is the 50% retracement level of the September-February-rally crossing at 1.3494.

The June Swiss Franc closed lower on Wednesday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 75% retracement level of the March-January-rally crossing at 1.0586 is the next downside target. Closes above the 20-day moving average crossing at 1.0757 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0757. Second resistance is the March 17^th high crossing at 1.0880. First support is today's low crossing at 1.0602. Second support isthe 75% retracement level of the March-January-rally crossing at 1.0586.

The June Canadian Dollar closed higher on Wednesday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 79.10 would open the door for a possible test of the February 26^th low crossing at 78.42. Closes above the 20-day moving average crossing at 79.62 would signal that a short-term low has been posted.First resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. Second resistance is the February-2018 high crossing at 82.27. First support is the 50-day moving average crossing at 79.10. Second support is the February 26^th low crossing at 78.42. 

The June Japanese Yen closed lower on Wednesday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, last-March's low on the monthly continuation chart crossing at 0.0900 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0918 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0918. Second resistance is the March 23^rd high crossing at 0.0923. First support is today's low crossing at 0.0902. Second support is last-March's low on the monthly continuation chart crossing at 0.0900.

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

June gold closed sharply higher on Wednesday as it bounced off March's low crossing at $1676.20. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below March's low crossing at $1676.20 are needed to renew the decline January's high. Closes above the March 18^th high crossing at $1756.00 would confirm that a short-term low has been posted. First resistance is the March 18^th high crossing at $1756.00. Second resistance is the 50-day moving average crossing at $1777.50. First support is March's low crossing at $1676.20. Second support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70.  

May silver closed higher due to short covering on Wednesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 87% retracement level of the November-February-rally crossing at 23.102 is the next downside target. Closes above the 20-day moving average crossing at 25.559 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 25.241. Second resistance is the 20-day moving average crossing at 25.559. First support is the 75% retracement level of the November-February-rally crossing at 24.059. Second support is the 87% retracement level of the November-February-rally crossing at 23.102. 

May copper closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50-day moving average crossing at 391.80 is the next downside target. If March resumes the rally off March's low, February's high crossing at 437.55 is the next upside target. First resistance is the reaction high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 391.80. Second support is the 25% retracement level of the 2020-2021-rally crossing at 381.34.

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

May Corn closed up $0.25-cents at $5.64 1/4. 

May corn closed limit up on Wednesday following today's bullish planted acreage report and neutral to slightly friendly grain stocks report. The USDA pegged the 2021 corn planted acreage at 91.1 million acres, which is well below analyst estimates of 93.208 million acres. The USDA pegged corn stocks at 7.701 billion bushels verses pre-report estimates of 7.767 billion bushels. The limit up close sets the stage for a steady higher opening when Thursday's night sessions begins trading. Stochastics and the RSI turned neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. If May extends today's rally, February's high crossing at $5.72 is the next upside target. First resistance is February's high crossing at $5.72. Second resistance is psychological resistance crossing at $6.00. First support is the March 4^th low crossing at $5.29 1/4. Second support is the 25% retracement level of the August-January-rally crossing at $5.14. 

May wheat closed up $0.16 1/4-cents at $6.18.  

May wheat closed sharply higher on Wednesday as it posted a key reversal up due to spillover strength from corn and soybeans. The USDA estimates that all-wheat plantings will come in at 46.4 million acres, which is a 5% increase over 2020 acreage.

23.2 million acres of hard red winter wheat.

6.42 million acres of soft red winter wheat

3.48 million acres of white winter wheat

•  
   11.7 million acres of spring wheat 
   1.54 million acres of durum wheat.

The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $6.47 would signal that a short-term low has been posted. If May extends the decline off February's high, the 62% retracement level of the June-January-rally crossing at $5.70 is the next downside target. First resistance is the 20-day moving average crossing at $6.33 3/4. Second resistance is the 50-day moving average crossing at $6.47. First support is the 50% retracement level of the June-January-rally crossing at $5.93 1/2. Second support is the 62% retracement level of the June-January-rally crossing at $5.70.       

May Kansas City Wheat closed up $0.17 1/4-cents at $5.75 3/4.

May Kansas City wheat posted a key reversal up as it closed sharply higher on Wednesday consolidating some of decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.94 would confirm that a short-term low has been posted. If May extends the decline off February's high, the 62% retracement level of the August-March-rally crossing at $5.26 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $5.94. Second resistance is the March 17^th high crossing at $5.09 1/4. First support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4. Second support is the 62% retracement level of the August-March-rally crossing at $5.26 1/2.       

May Minneapolis wheat closed up $0.09-cents at $6.10 3/4. 

May Minneapolis wheat posted a key reversal up as it closed higher on Wednesday signaling a possible end to the decline off February's high. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off February's high, the 62% retracement level of the December-January-rally crossing at $5.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at $6.29 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.29 1/4. Second resistance is the 50-day moving average crossing at $6.35. First support is today's low crossing at $5.97 1/2. Second support is the 62% retracement level of the December-January-rally crossing at $5.93 1/2.   

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

May soybeans closed up $0.70-cents at $14.36 3/4.

May soybeans closed limit up on Wednesday following today's bullish planted acreage report. The USDA projected soybean acres at 87.6 million acres, which would be a 5% increase over 2020. However, this estimate is below the average pre-report estimated average trade guess of 89.996 million acres. The quarterly grain stocks report showed soybean stocks at 1.564 bullion bushel, which was above the average pre-report estimate of 1.534 billion bushels. The limit up close sets the stage for a higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's limit up trade, March's high crossing at $14.60 is the next upside target. Closes below Tuesday's low crossing at $13.64 1/4 would signal that a short-term top has been posted. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the February 11^th low crossing at $13.36 3/4. Second support is the January 25^th low crossing at $12.97.

May soybean meal closed up $25.00 to $423.20. 

May soybean meal closed limit up on Wednesday and above the 50-day moving average crossing at $419.10 signal a trend change has taken place. The limit up close sets the stage for a higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, February's high crossing at $442.10 is the next upside target. Closes below the 38% retracement level of the August-January rally crossing at $396.90 would confirm that a short-term top has been posted. First resistance is February's high crossing at $442.10. Second resistance is January's high crossing at $463.60. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of the August-January rally crossing at $376.30.       

May soybean oil closed up 246-pts. at 52.92. 

May soybean oil closed sharply higher on Wednesday as it rebounded off the 25% retracement level of the 2020-2021-rally crossing at 50.35. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off October's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60 is the next upside target. If May extends this week's decline, the 50-day moving average crossing at 48.95 is the next downside target. First resistance is March's high crossing at 58.25. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60. First support is the 25% retracement level of the 2020-2021-rally crossing at 50.35. Second support is the 50-day moving average crossing at 48.95.      

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

April hogs closed up $0.13 at $101.05. 

April hogs closed higher on Wednesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53 is the next upside target. Closes below the 10-day moving average crossing at $98.08 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $101.98. Second resistance is the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53. First support is the 10-day moving average crossing at $98.08. Second support is the 20-day moving average crossing at $93.99. 

April cattle closed unchanged at $120.98. 

April cattle closed unchanged on Wednesday. The mid-range close sets the stage for a steady to slightly higher opening on Thursday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $121.13 would signal that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. First resistance is the 50-day moving average crossing at $121.13. Second resistance is February's high crossing at $126.70. First support is the March 19^th low crossing at $118.00. Second support is the 50% retracement level of the October-February-rally crossing at $117.72. 

April Feeder cattle closed down $2.95 at $143.88. 

April Feeder cattle gapped down and closed sharply lower on Wednesday in response to today's limit up close in corn and soybeans. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the rally off March's low, monthly resistance crossing at $152.23 is the next upside target. Closes below below the 20-day moving average crossing at $142.40 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $148.18. Second resistance is monthly resistance crossing at $152.23. First support is the 20-day moving average crossing at $142.40. Second support is the March 19^th low crossing at $138.43.            

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

May coffee closed higher on Wednesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 62% retracement level of the November-February-rally crossing at 11.95 is the next downside target. Closes above the 20-day moving average crossing at 129.42 would signal that a short-term low has been posted.         

May cocoa closed slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 87% retracement level of last-November's rally crossing at 23.11 is the next downside target. Closes above the 20-day moving average crossing at 25.01 would signal that a short-term low has been posted.            

May sugar closed lower on Wednesday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 13.96. Closes above the 20-day moving average crossing at 15.74 would signal that a short-term low has been posted.      

May cotton closed slightly higher on Wednesday as it consolidated some of the decline off February's high. Today's USDA acreage report estimated cotton acreage at 12.036 million acres compared to the pre-report estimate of 11.905 million acres. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 84.52 would signal that a short-term low has been posted. If May extends the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 74.20 is the next downside target.