Tec h Guy Opening Calls & Comments 6/5/24

July Wheat - 1.50 Lower

July Corn - 0.25 Lower

July Soymeal - 0.50 Higher

July Beans - 1.25 Lower

July Crude Oil traded 42 cents above the 72.40 support, and rallied about 0.96 on the day.

support - 73.95

73.00

resistance - 76.20

77.60

July Soybeans marked the low 3.25 cents below the 1178.50 support price, while forming a triple low over the last 2 trading sessions, and eclipsing the 1189.00 resistance - some fund buyers showed up.

support - 1175.00

1162.00

resistance - 1192.00

1200.00

July Soymeal marked it's high 1.50 above the 364.00 resistance level, after rallying about 8.50 to the high price.

support - 355.00

352.50

resistance - 365.50

370.00, 372.50

July Corn marked it's low 1.75 cents below the 440.00 support. Corn traded in a 9 cent range yesterday and a 6 cent range today - little bit of volatility.

support - 438.00

435.50

resistance - 444.50

449.00. 454.00

July SRW Wheat marked the low 7.25 cents below the neckline support of 650.00, after selling off 14 cents from high to the stated 650.00 support.

support - 643.50

636.00

resistance - 664.00

682.00

July HRW Wheat marked it's low 5.25 cents below the 678.00 support level, after selling off about 15 cents from the high down to the 678.00 support.

support - 673.00

668.00

resistance - 694.00

700.00, 705.50

July Spring Wheat marked the low 1 tick below the 711.00 support, after selling off 18 cents from the high.

support - 711.00

700.00

resistance - 729.00

736.50, 755.50

All of these markets traded very heavy intraday volume (capitulation) midday near the lows today. This is an argument that the lows of this correction are being constructed. Today or tomorrow?

June S&P was very bullish today, remaining well above support, and blowing through resistance marks. It rallied 61.75 on the day.

support - 5337

5313

resistance - 5368 - old high & near today's high

5450, 5528