Tech Guy Grains Analysis 2/16/26

This is option expiration week, and I expect backfills along with consolidation. The bulls don't historically make much headway this week. May corn continues to trade in an upsloping channel, with support at about 436.0 and resistance in the 445.0 region. Here is the May Corn intraday chart.

May Soybeans is due for a corrective leg down. It appears beans are trading an inclining wedge pattern. This pattern is an upsloping triangle, but with the higher lows rising up sharper than the upper side. This formation is usually bearish unlike an ascending triangle witch is normally bullish. The bulls and bears are duking it out, with higher odds that the bears win. Resistance comes in near 1159.0 and support 1120.0 to 1115.0.

Check out the pattern along with an estimation of where we are in terms of Elliot wave.

The continuation wheat chart (still March) traded to fairly stiff resistance on Friday, as well as fulfilling an old inverted head and shoulders target price. March resistance is at about 553.0 - 555.0. The May contract touched resistance Friday at about 559.0, and support should begin at 536.0, down to 530.0. Anything can happen in the free markets, but these are what the charts show as the more likely course.

We all have heard people say, so and so is as stubborn as a mule! Actually, mules make the decision to quit working. A horse will work himself to death for you. Many, many horses died in the traces trying to please their master over the past thousands of years. But a mule, he will refuse to let anyone work him to death. When a mule gets to the point he is about to die from overwork, he will lay down and not get up until he is good and ready. A mule’s attitude is, you can beat me to death, but you are not going to work me to death.

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