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Tech Guy Opening Calls & Comments 3/13/23

May Wheat - 1 Higher

May Corn - 1 Lower

May Beans - Steady to 1 Lower

The Eurocurrency market is the inverse of the US Dollar. The last 3 trading days the USD has sold off from $105.35 to $103.215 - that's over 2 bucks! Inversely, the Eurocurrency has rallied significantly, indicating with a gap, that it is in a hurry to mark prices higher (USD lower.)

This is supportive for most US assets, including stocks and commodities. The Eurocurrency market gapped up on the March to May roll and is not looking back. Check out the chart where you will see an upper target - this means the US Dollar will trade back down to $100.50 or lower.

Also, virtually all the interest rate markets have gone down significantly - rates have plummeted.

The gold and silver markets have skyrocketed over the last 2-3 days. All of these markets together are telling us that these investors are very confident/convinced that the Fed is going to stop raising interest rates, or begin to lower them somewhat. This will lead to a more inflationary macroeconomic picture where all US markets will rise with the tide.

Here's the gold chart which has added $100 in just 2 days.

The grain markets are not totally sold on this inflationary idea yet (or they're afraid), so they have floundered around the last 2 trading sessions. Give them a couple of days to catch on and I believe we will see nice rallies begin again in corn, wheat and soybeans.

May soymeal has been correcting along with beans and today meal settled directly on the uptrend line which began last November. This line needs to more or less hold price up for the rally to continue. I believe it will.

The front month Natural Gas contract came down to test the top of the breakaway gap where it found abundant fund buyers today. The uptrend should continue from this level. The October contract benefits, as well. Here is the updated gas chart.


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