Tech Guy Opening Calls & Comments 10/9/23

Dec Wheat - Steady to 1 Higher

Dec Corn - Steady

Nov Beans - 1 Lower

Note: I shoot to be within 1-2.5 cents on the support and resistance numbers, or to frame the level with 2 close together numbers.

November Soybeans traded between 1st resistance and both support levels today. The high was marked early last evening, then it traded between 1276 and the old support of 1270 until selling lower to 1258.25 in the early morning.

For the rest of the session, beans rotated (traded either side) around the 1262 support and closed at 1263.75.

1st support - 1260, 2nd - 1256

1st resistance - 1271, 2nd - 1277, 3rd - 1289.

December Corn penetrated the 490 resistance by a couple of cents to clear out sell stops today. Closed at 488.25.

1st support - 488, 2nd - 486

1st resistance - 498, 2nd - 502, 3rd - 508.

December SRW Wheat marked it's high today within 2 ticks of the 1st resistance level of 582 during a small range session. The fact that resistance was tested, but support was not, means bullish energy is building.

1st support - 568, 2nd - 564

1st resistance - 583, 2nd - 598, 3rd - 605

December KC Wheat closed today near the 1st resistance of 685 in what was a small range/inside trading day, today.

1st support - 674, 2nd - 667

1st resistance - 691, 2nd - 715.

December Spring Wheat was also range-bound today, with 1st resistance of 734-735 providing the top of the range.

1st support - 725, 2nd - 722, 3rd - 716

1st resistance - 737, 2nd - 754.

The Wheats could have an upside breakout day tomorrow on the heals of the compact, energy building day today. Be prepared.

November Crude Oil should continue to rally towards 89.50-90.25, the next resistance level. From there, a backfill to between 87 and 85 could occur, but confidence is unknown because of the nature of war - may trade straight back up to 95.