Tech Guy Opening Calls & Comments 10/4/23

Dec Wheat - Steady to 1 Higher

Dec Corn - Steady

Nov Beans - Steady to 1 Lower

A quiet day all the way around in the grains.

December Corn remained rangebound in consolidation mode today. Very little change on price levels.

1st Support - 484.5, 2nd - 481.

1st resistance - 490, 2nd - 498, 3rd 504-505.

The 1268 support level was almost tested today in November Beans. The low was 1268.75. Support and resist levels are tweaked a small amount.

1st support - 1268, 2nd - 1256.

1st resistance - 1281, 2nd - 1288-1293.

December SRW Wheat sunk a few ticks below the 2nd support level of 554 during a corrective day. The daytime low was 551.75, and the high was 564.25 - the day's range was nearly in between yesterday's 2 support levels.

1st support - 555, 2nd - 549, 3rd - 545, 4th - 539, below this - ??. Therefore longs should have stops below 545 or 539, if playing it tight/daytrade.

1st resistance - 566, 2nd - 575, 3rd - 586.

The low in December KC Wheat fell in between the 2 support levels today. Chart looks weak.

1st support - 661, below this -?? Old monthly low 578.25

1st resistance - 680, 2nd - 688.

December Spring Wheat sold off today below the ledge/range it had been trading in. The range is 715-728/729.

1st support - 706-702, below this - ? There is an old monthly low 686.75

1st resistance - 716, 2nd - 729.

Crude oil was too weak to rally up to 92.25 today, and sold off to just below the 85 support level to 84.25. The trade volume near the low was very heavy, indicating capitulation.

Should be able to rally from 84.25 or 83.25. Below this - ??

1st resistance - 88, 2nd - 90.75.