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Tech Guy Opening Calls & Comments 12/27/23

Writer's picture: Tech GuyTech Guy

March Wheat - 1 to 2 Higher


March Corn - 0.5 Lower


March Soymeal - 0.1 Higher


March Beans - 2 to 3 Lower


February Crude Oil marked it's low in between the 2 support levels.

support - 73.10

71.85

resistance - 75.65

76.90


March Soybeans marked the low 1 cent below 1310 support then rallied about 12 cents.

support - 1315.50

1308.50

resistance - 1326.00

1333.00

1345.50


March Soymeal marked it's low between the 2 support levels then rallied about 3 bucks.

support - 392.00

389.00

resistance - 396.50

399.00

402.00


March Corn marked it's low 1 cent below 475.50 support after selling off about a nickel.

support - 475.50

474.00

resistance - 481.00

485.50


March SR Wheat crashed through all support levels.

support - 621.50

612.00

resistance - 630.50

640.00

649.50


March KC Wheat was weaker than expected also, but rebounded almost a dime from the lows.

support - 632.50

626.50

resistance - 640.00

648.00

657.50


March Spring Wheat marked it's low 4.25 cents below the 722.50 support after selling off about 7 cents.

support - 718.00

711.50

resistance - 726.50

733.00

740.50


March S&P marked it's low 3.5 dollars from the 4820 support after selling about 15 bucks down.

support - 4832.50-4830.00

4816.00

resistance - 4874.00

4909.00


I realize the masses are maintaining sell, sell, sell in the corn pit, but I still see the bulls making progress. There was heavy volume on today's low, indicating a floor on prices. The fund bulls created a higher low today.


I believe the outlook for next week will look good if March Corn can close at 482.50 or better this week. This is only 6 cents higher. January in South America is the same as July here in the US when we tend to get rallies, especially if one has not occurred yet.

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