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Tech Guy Opening Calls & Comments 2/27/24

May Wheat - 0.25 to 0.50 Higher


May Corn - 0.50 Lower


May Soymeal - 1.60 Higher


May Beans - 2 Higher


More comments below the support/resistance numbers.


April Crude Oil Marked It's low 18 cents below the 77.35 support level, then rallied 1.75.

support - 77.95

76.75

resistance - 79.00 - breakout price

79.60

82.00


May Soybeans marked the low 1.50 cents below 1140.00 support, after selling off about 21-22 cents.

support - 1137.25

1133.00

resistance - 1162.50

1172.00

1192.00


May Soymeal marked it's high 1.90 bucks shy of the 335.80 resistance, then sold off 10 bucks.

support - 324.00

321.70

resistance - 332.80

344.00


May Corn traded above support and bought up to within 2 cents of 428.50 resistance.

support - 421.50

416.50

resistance - 428.50

434.00

445.00


March SRW Wheat traded above support and rallied within a few ticks of the 2nd resistance mark of 592.50.

May support - 579.00-580.00

571.50

May resistance - 601.00

618.00


March HRW Wheat marked the low 2.50 cents above the lower support, then rallied 14 cents.

May support - 580.00

575.50

May resistance - 610.50

623.00-626.00


May Spring Wheat marked it's low about 2 cents above support, then rallied 15 cents, which was a few cents above the 1st target.

support - 656.50

650.00

resistance - 674.00

685.00


March S&P traded in a narrow range in between support and resistance.

support - 5080

5065

resistance - 5111

5123


The last 5 trade days in corn and soybeans have seen large changes (deltas) in open interest. Corn is down about 75,000 contracts and beans are down about 65,000. Big changes in open interest whether up or down usually means large moves in price, up or down. Specifically, it normally indicates a change in direction or an acceleration in the current trend. Read between the lines.


May Cocoa had a down day today. Therefore, the odds have increased that at least a temporary top is in, and that a correction to 5275 minimum, basis May is unfolding. Big picture, Cocoa is priced at 46 year highs - this is very thin air. Therefore, after correcting we will probably have another up leg which goes at least as high as the current May high of 6648. It will take a larger force to stop the monthly uptrend - improvement in growing conditions, all shorts going bankrupt, or both.

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