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Tech Guy Opening Calls & Comments 1/9/24

March Wheat - 0.25 Higher


March Corn - 0.25 Lower


March Soymeal - 0.80 Higher


March Beans - 0.50 Higher - The bids/offers are lined up very orderly tonight. Don't know if this is significant. Simply, FYI.


Please read my short comments below all the support/resistance levels.


February Crude Oil marked it's low 3 cents below the 70.50 support level then rallied almost 2.50 bucks - $2500/contract.

support - 72.00

71.25

70.30-70.00

resistance - 73.40

74.50

75.75


March Soybeans tested yesterday's low near 1235, then rallied a dime.

support - 1243.00

1233.00

resistance - 1265.00

1281.00

1290.00-1297.00 - gap


March Soymeal marked the low 1.70 from the 365.00 support.

support - 366.00

363.00

resistance - 373.50-375.50

381.50


March Corn also tested yesterday's low of 452.00, then rallied 8 cents. It almost made it to 1st resistance at 462.00.

support - 457.50-456.00

451.75

resistance - 463.00

469.50


March SRW Wheat rallied about 13 cents and marked the high 1.75 cents above the first resistance level.

support - 606.50

604.25

595.00

resistance - 622.50

636.00

660.00-662.00


March KC Wheat marked it's morning low 1.50 cents above support, then rallied about 18 cents.

support - 625.00

620.00

resistance - 636.50

642.00

658.00


March Spring Wheat marked it's low 2 ticks above support at 702.00, then rallied 12 cents. This was 2 cents above the first target or resistance.

support - 696.50

667.00

resistance - 714.00

722.00

725.50


March S&P marked it's low 7 points above support, then rallied about 35 points - $1750/contract. This confirms that the bulls are back in charge of this broader bull market, after a small correction.

support - 4781

4767

resistance - 4842

4875


The higher closes in soybeans and corn today is a step in the right direction towards confirming that we are at an important longer term (week/month chart) low. This is on top of the 2 huge volume days out of the last 5, and the increase in open interest over the last week.


Corn has added nearly 100,000 contracts in the last 5 trade days. This fact helps support my premise about what's been going on of late - That the whales (huge fund traders) have been opening new longs (buying) as they stop out the last of the weaker retail traders who have held on to there older long positions, as well as likely commercial buying.

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