May CBOT corn futures pushed to a higher close Tuesday, boosted by speculation that the U.S. Department of Agriculture may lower its outlook for domestic stockpiles in a monthly supply and demand report due out Wednesday. The USDA will probably forecast domestic corn stockpiles at the end of the crop year on Aug. 31 at 1.403 billion bushels, down from last month's 1.456 billion-bushel estimate, according to analysts surveyed by The Wall Street Journal.

Technically, the market pushed above initial resistance at $5.02 1/2, the March 7 high. The next bullish target lies at $5.12 1/2, last week's high, which nearly coincides with $5.13, the Sept. 3, 2013 spike high and daily resistance point.

The near and medium trend outlooks are bullish. But, recent weeks has seen corn trade turn choppy and consolidative. Sustained gains above the $5.00 zone would be a bullish signal and open the door for a fresh buying wave to emerge. Beyond $5.13 additional upside targets are seen with the next being at $5.27 1/2, the Aug. 26, 2013 spike high.

Support remains at $5.02 1/2. Sustained declines under that area would be a weak signal and would open the door for probing toward $4.90 1/2. Below there, range bottom support lies around $4.75.

$6.76 1/2 -- the contract high

$4.98     -- the 10-day moving average

$4.91 1/4 -- the 20-day moving average

$4.78 1/4 -- the 40-day moving average

$4.14 1/2 -- the contract low

MAY CBOT WHEAT, combined pit and electronic trading

May CBOT wheat climbed Tuesday, posting gains for the second session in a row. The action is encouraging to the bulls and suggests a strong support zone has formed at $6.58 3/4, the April 4 daily low. The market had been sliding for several weeks in a corrective pullback, but for now it is holding and rallying above support at $6.58 3/4, Friday's low, which coincided with a 38.2% Fibonacci retracement of the late January to late March rally move. Looking at the bigger chart outlook, for now the medium-term trend from the late January low remains bullish and this selloff from the March 20 high can be considered corrective to that uptrend.

On the upside, nearby resistance remains at $6.88, the April 2 daily high. Gains would be needed above there to unleash a strong move higher.

On the downside, if support at $6.58 3/4 gives way, a renewed downside correction could emerge, with additional Fibonacci retracement supports at $6.38 1/2 and $6.18 1/2 .

$8.98     -- the contract high

$6.85 1/2 -- the 10-day moving average

$6.90     -- the 20-day moving average

$6.53 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 also pushed higher as the market has stabilized for now above support at $7.24 1/2. Last week's selloff stalled at 38.2% of the major rally move seen from late January into the late March high. That retracement support comes in around $7.24 1/4. On the downside, however, if support at $7.24 1/2 gives way, a 50% retracement is seen at $7.01.

On the upside, minor resistance lies at $7.56 3/4 and $7.68 1/2. Major resistance remains at $7.99.

$9.40     -- the contract high

$7.53 1/4 -- the 10-day moving average

$7.60 1/2 -- the 20-day moving average

$7.23 3/4 -- the 40-day moving average

$6.05     -- the contract low 
   Write to Kira Brecht at copydesk@dowjones.com