AgResource Midday Commentary; CBOT Mixed with Volume in Retreat on the Break; Key is the close and whether May corn can settle above $4.42 – the 50 Day Moving Average
CBOT values are mixed at midday. May corn futures failed to accelerate through the 50-day moving average while selling in soyoil futures pulled soybean prices lower. A close above the 50-day moving average in May corn ($5.42) is needed to confirm a new leg up. Otherwise, the CBOT is holding in a sideways trading pattern…