MAY CBOT CORN, combined pit and electronic trading

May CBOT corn futures pushed to a modestly higher close Monday, boosted by concerns that escalating tensions in the Ukraine could threaten the country's grain exports.

Technically, the market remains under the influence of last week's April 9 bearish reversal day. In the near term, the chart outlook is sideways to slightly higher. Major nearby resistance is now seen at $5.19. Minor resistance is seen at $5.08 1/4.

On the downside, the important support levels to watch remain the same. Daily chart support comes in at $4.92-4.90 zone, minor congestion over the last two weeks. If the $4.90 floor were to give way, added selling pressure could be seen with major support at $4.75.

The medium-term technical trend remains bullish, but a period of consolidation and choppy trade could be seen in the short term.

$6.76 1/2 -- contract high 
$5.01 1/2 -- 10-day moving average 
$4.94 3/4 -- 20-day moving average 
$4.83 1/2 -- 40-day moving average 
$4.14 1/2 -- contract low

MAY CBOT WHEAT, combined pit and electronic trading

May CBOT wheat shot to a sharply higher close Monday. The market has been selling off in recent weeks in a corrective pullback, but Monday's rally may have carved out a minor floor.

For now, major support lies at $6.58 3/4, the April 4 daily low and $6.56 1/4, the April 10 daily low. Monday's strong rally suggests that zone could begin to act as a floor to the recent corrective pullback. But, the burden is on the bulls to maintain a firm tone to trade.

In the short term, look for choppy trade between resistance at $6.89 1/2-$6.88 and support at $6.58 3/4-$6.56 1/4. A sustained rally above resistance would be a positive signal and would suggest the bulls are seizing control of the near-term trend. While a close under support would be a negative sign and would open the door to further downside correction.

$8.98 -- contract high 
$6.72 3/4 -- 10-day moving average 
$6.87 3/4 -- 20-day moving average 
$6.61 1/2 -- 40-day moving average 
$5.53 1/2 -- contract low

MAY KC WHEAT, combined pit and electronic trading

May Kansas wheat also surged to a higher close Monday. For now, major support has been defined at the April 11 swing low. The market may have found a stalling point on the downside. The market is testing resistance at $7.49 1/4, the April 9 daily high. Sustained signs above that area would be a bullish signal and would open the door to further gains.

$9.40 -- contract high 
$7.36 3/4 -- 10-day moving average 
$7.57 -- 20-day moving average 
$7.30 1/2 -- the 40-day moving average 
$6.05 -- contract low