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Tech Guy Opening Calls 03/02/2022

May Corn steady to up 3

May Beans up 7 to 10

May Wheat up 10 to 15

Levels of: Support and Resistance

Wheat $9.58, then $9.31; $10.88

Corn $7.14, then $6.96 $7.76

Soybeans $16.59, then $16.45 $17.59

The professional Bullish Consensus guys said crude oil, soybeans, wheat, corn, soybean meal, soyoil, cotton and natural gas all were 80% plus Bullish Consensus at the close this afternoon; 70% is overbought. It does not necessarily mean the high is near; it just means the market needs to find new buyers, which it will do by going down for a period of time.

The corn market left a gap on last night's open. We will see if it needs filling quickly or will it serve as a measuring gap.

Wheat is very strong. May and July closed limit up (50 cents). It takes three contracts to settle limit move for expanded limits to kick-in for the next day. Not the case this time.

The soybean and corn May/July is going parabolic (nearly straight up). This tells me that March contract, which is in the delivery period will support futures robustly into mid-March.


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