Tech Guy Comments 3/20/25

May Crude Oil rallied 1.37 on the day (at the time of this writing) on it's way to a likely test of the 68.50 resistance level. If the crude buyers can conquer the 68.50 mark, it's fairly smooth going to 69.75.

support 66.60, 66.00

resistance 68.50, 69.75

May Soybeans marked the low 1.00 cent below the 1005.00 support point, then rallied about a dime higher.

support - 1010.00, 1005.00

resistance - 1016.00, 1022.00

May Corn received the follow through buying to confirm yesterday's breakout higher, while testing the 470.00 resistance mark in the process and settling 7.00 cents higher on the day.

support - 465.00, 462.00

resistance - 477.50, 484.00

May SRW Wheat marked it's low 2.75 cents below the 555.00 support level, after selling off about 16.00 cents high to low from 1.00 cent below the 569.00 resistance price. Today's price action should have completed an A-B-C correction, therefore buyers should be able to test the highs in the 575.00 area.

support - 554.00, 546.50

resistance - 569.00, 575.50

May HRW Wheat gave up 9.25 cents on the day, while closing within 1.50 cents of 587.00 support price.

support - 583.00, 575.50

resistance - 592.00, 599.00

May Spring Wheat marked it's low 1.50 cents below the 606.00 support level, after selling off 11.25 cents from high to low. All 3 wheats exhibit the same basic Elliot wave structure, so let's see if the buyers can show up.

support - 604.50, 600.00

resistance - 617.00, 623.00

For more information on Elliot wave, check out this site: https://www.investopedia.com/terms/e/elliottwavetheory.asp

More info on Brazil: To control Asian Leaf Rust (ALR), Brazil’s government forbids soybeans to be planted during a 90 day period during the dry season and each state has added a further “no planting” soybeans as a second crop starting generally from late December to mid-January. This is to not provide soybean plants to serve as a host for the ALR spores in the latter half of the growing season and into the dry season. This "no plant zone" is the major ALR control measure. Corn became the preferred second crop which led to Brazil being the largest corn exporter in the world in the 2023-204 marketing year. That was the first year the U.S. was not the world's largest corn exporter.

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