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Tech Guy Opening Calls & Comments 10/12/23

Dec Wheat - Steady to 1 Higher


Dec Corn - 1 Lower


Nov Beans - 1 to 2 Lower


November Soybeans painted a bullish key reversal daily bar today by printing a new low for the move last night, within 1 cent of the 1st support price, and settling (higher than the previous 8 days), which was also 1 cent from the last resistance/target level of 1291.


After last night's low of 1250.5, beans rallied to 1261, 1 cent above the 1st resistance price at 2 AM, and then sold off until 10:30 this morning, marking a higher low of 1253.


The close today was the highest of the last 8 days - if beans has a steady or better close tomorrow, it will count as a weekly key reversal - let's see.

1st support - 1287, 2nd - 1282-1279.

1st resistance - 1311, 2nd - 1328, 3rd -1333.


December Corn marked it's low 2 cents from the 1st support point, then rallied to mark a high 1 tick from the 2nd resistance level of 499.

1st support - 493.5-492

1st resistance - same at 508, 2nd - 523-526.


December SRW Wheat marked it's early low (547.25) directly between 1st & 2nd support (550-544), and the close was about 6 cents above 1st resistance at 572.75.

1st support - 566.5 (old resistance), 2nd support - 560

1st resistance - 579, 2nd - 585.5, 3rd - 596, 3rd - 609.


The December KC Wheat traders sold off 6 cents below support to clean out sell stops for energy to reverse higher and close almost a dime higher on the day. The high print was 2 cents below the 1st target higher.

1st support - 670-669

1st resistance - 690-693.5, 2nd - 703, 3rd - 717.


December Spring Wheat bottomed this morning at 711.25, 1.25 cents above the 2nd support range of 710-707, then rallied to eclipse yesterday's high. Today's high (727.5) was the midpoint of yesterday's 1st target range of 726-729.

1st support - 721-719, 2nd - 716

1st resistance - 737, 2nd - 754, 3rd - 760.


15 minute chart of November Soybeans showing yesterday's published support/resistance prices and how the chart responded.





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