May CBOT corn futures posted a large bullish "outside" day Monday, with strong gains seen at the final bell, following a report from the U.S. Department of Agriculture that shows U.S. farmers intend to plant less of the grain than previously thought. May corn futures rose to their highest level since early September 2013 on the news.

Technically, the action marks a bullish breakout from the tight recent range trade between resistance at $4.93 1/4 and support at $4.73 1/4. As long as a second consecutive settlement is seen above $4.93 1/4 on Tuesday, a measured move target projects gains to the $5.13 area.

The near- and intermediate-term technical trends are bullish for corn. Daily momentum is rising and will support additional upside probing. The bulls have the edge.

On the downside, support at the old range top comes in at $4.93 1/4. A close under that floor Tuesday would be a weak signal and would open the door for a trade back toward the lower end of the old range, with major support at the March 11 low at $4.73 1/4 remaining important to monitor.

$6.76 1/2 -- the contract high 
   $4.87 3/4 -- the 10-day moving average 
   $4.86 1/4 -- the 20-day moving average 
   $4.70     -- the 40-day moving average 
   $4.14 1/2 -- the contract low 
 
MAY CBOT WHEAT, combined pit and electronic trading

May CBOT wheat closed with a minor gain, but well off session lows. Both projected planted acres and existing stockpiles fell largely within analysts' predicted ranges in Monday's USDA reports.

Technically, the market erased an early decline to $6.76 1/2, and that zone is now important near-term support. The primary technical uptrend is intact for May wheat, but in the near term the market remains in a consolidative and corrective phase. Momentum remains weak and additional downside probing could be seen in the near term.

Major resistance lies well overhead at the $7.23 1/2 ceiling hit on March 20. A large medium-term corrective type of range could be developing from that high to a major support floor at $6.69 3/4, the March 14 daily low.

$8.98     -- the contract high 
   $7.02 1/2 -- the 10-day moving average 
   $6.81 1/2 -- the 20-day moving average 
   $6.39 3/4 -- the 40-day moving average 
   $5.53 1/2 -- the contract low 
 
MAY KC WHEAT, combined pit and electronic trading

May Kansas wheat closed with a modest gain in the upper third of the daily range. Monday's session was volatile, but buyers emerged on the dip. The major trend is bullish, but the market remains vulnerable to a downside correction to the recent rally move. Minor supports lie at $7.48 1/4 and then $7.41. Major resistance remains at $7.99.

$9.40     -- the contract high 
   $7.77 1/4 -- the 10-day moving average 
   $7.52 1/4 -- the 20-day moving average 
   $7.08 1/4 -- the 40-day moving average 
   $6.05     -- the contract low