On Monday at noon eastern, the USDA will release two key reports: the Prospective Plantings report and the Quarterly Grain Stocks report. Based of various factors farmers' build out their intended plans for planting for the upcoming growing season, covering major crops like grains, oilseeds and legumes. Needless to say, Monday will be a major price mover with grains and we figured it was timely to cover what we see as immediate support and resistance levels for some of these grains:

Soybeans [May expiration] (ZSK25) 

The net differential between commercial and non-commercial holders of futures positions into the end of March puts us about +27.7K contracts indicative of buyers wanting to be participating in the accumulation at these price levels. In our last consolidation, we ran into resistance at about 1037 which will put resistance int a 10-point band between 1037~1047. Inability to hold that level will likely drop us down to 975. Taking those resistance levels out on a bullish report on Monday and holding 996 can push us higher into 1111.75. Therefore a lot depends on the aggregated levels from the planting figures.

Soybean Meal [May expiration] (ZMK25)

Compared to Soybeans both commercial and non-comm holders appear tilted bearish with meal. The December move higher from 278.5 into 321.7 put support between 295~287.7. We are currently trading below that initial level of support but above the last level and holding that level makes things look positive for soybean meal despite the net short holdings by large speculators and producers.

Corn [May expiration] (ZCK25) 

Corn has immediate resistance levels between 464~459 in the smaller timeframe of 15-30 days. Bigger timeframe support levels sit between 421.50~439.50. We closed at 453 and 421.50 is a long way below but if we cannot hold there, we are likely to continue lower into September.

Soybean Oil (ZLK25) 

We have been bullish here since we tested the lower 41-handle in the middle of March. The crush spread likely contributes to this story. Initial resistance sits between 45.41~46.59. Failing to push above that secondary level suggests lower prices headed into April. With the move higher from mid-March, support now is between 42~42.66.

Wheat (ZWK25) 

We may have landed on support here this past Friday below 520 and held. If these levels holds we could push all the way up past 600. However, if the reports on Monday aren't supportive we could hold any short-term push higher between 545~553.25.

Oats (ZOK25) 

In early November last year we ran into an interim top at 408 for Oats, the move lower found support just below 320 which was a huge move lower which relatively head-faked the move throughout December and falling into the end of the year. We appear to be dealing with resistance at 390 which held the move higher in early March'25. However the moves between mid-Dec and end-March here appears to be on a higher-low pattern adding to a support band between 325~343.50. For the smaller timeframe, resistance is in play between 370.5~377.

We hope you will enjoy this content as a precursor into the most relevant USDA report of the year.