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Tech Guy Opening Calls & Comments 10/17/23

Dec Wheat - Steady to 1 Higher


Dec Corn - 1 Lower


Nov Beans - Steady to 1 Lower


November Soybeans rallied today, as expected. The high of 1303.50 and the close at 1297.75 framed the 1st target higher of 1300. Beans are currently starting #3 wave which should have a Fibonacci extension target of 1342+/-5.

1st support - 1294.5, 2nd - 1290, 3rd 1279 - unlikely

1st resistance - 1313, 2nd - 1332, 3rd - 1342.


The December Corn low price today of 487.75 was 3 ticks from the stated 487 support.

1st support -487.50-487.00, 2nd - 485

1st resistance - 493, 2nd - 499, 3rd - 507.50.


The December SRW Wheat low price today of 568.50 was 1.5 cents below the 2nd support of 570.

1st support - 570 again, 2nd - 565.5

1st resistance - 584.50, 2nd - 592, 3rd - 599.


December KC Wheat's low price for the session of 665 was 2.5 cents below the stated 1st support price of 667.5. The high print of 678.50 was in between the first 2 resistance levels of 675 and 682. Sometimes the actual number works out to be about 50% of 2 levels (in between by half), as stated earlier and in beans above.

1st support - 664.50, 2nd - 661

1st resistance - 675, 2nd - 682-683, 3rd - 693, 4th - 709.


December Spring Wheat was more volatile today. The session high of 739.75 was 1.75 cents above the 2nd resistance of 738, and the low of 725 was 1 cent below the stated 1st support of 726.


Spring wheat has been trading sideways. When an instrument is rangebound, support and resistance are a bit less mysterious. It will eventually breakout.

1st support - 727, 2nd - 721 - not likely

1st resistance - 741, 2nd - 754, 3rd - 761.


Support and resistance in the S&P futures is more dynamic - for those interested.

1st support - 4377, 2nd - 4355

1st resistance - 4427, 2nd - 4443, 3rd - 4456


As you will see on the volume histogram, Most of the volume traded between 488-490, even though the high was 492.50 in December Corn. This volume confirms support levels and the higher lows - bullishness.



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