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Tech Guy Opening Calls & Comments 1/16/24

March Wheat - Steady


March Corn - Steady to 1 Lower


March Soymeal - 0.80 Higher


March Beans - 0.25 Lower - 1 tick


Today's pit session low in February Crude Oil was 4 cents below the 71.75 stated support level.

support - 71.20-71.00

70.10

resistance - 73.00

74.25


March Soybeans low today was 10 cents above the 1210 support level. This is bullish, because it likely indicates that the market was finished with the business at the 1210 mark. Also the daily high was 2.75 cents above first resistance.

support - 1220.00

1210.00

resistance - 1240.00

1248.00

1266.50


March Soymeal closed up above the 2nd resistance level - also bullish.

support - 365.00

360.50

resistance - 374.00

381.00


March Corn marked marked the low directly in between the 2 support levels.

support - 442.00-441.00

427.00

resistance - 451.00-452.00

461.50

468.00-469.00


March SRW Wheat slumped below support of 587.00 today. Sometimes markets have to mark a secondary low after a big blowout - to clean up the last long holdouts.

support - 580.00

571.50

resistance - 600.00

612.00


March KC Wheat marked it's low 7 cents below 610.00 support.

support -600.00

595.00

resistance - 610.00

622.50

629.00-633.50


March Spring Wheat marked it's low about 4 cents below support.

support - 683.50

665.00

resistance - 700.00

706.00

713.00-714.00


March S&P marked it's low 11 points below the 4791 support, but it closed 8 points above this mark. Therefore, today the stated level acted more as a pivot, which sometimes they do.

support - 4787

4767

resistance - 4816

4837


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