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Tech Guy Opening Calls & Comments 3/23/23

May Wheat - Steady to 1 Higher

May Corn - Steady to 1 Lower

May Beans - 1 to 2 Lower

December (new crop) Corn is approaching the swing lows at 540 that were printed just after the war began last year in late February. This level should provide support. See what you think on the updated new crop corn chart.

May Corn remains rangebound between 644 and 622. See today's chart.

September Soybean Meal is approaching an uptrend line that began on July 22nd 2022. Just something to keep in mind as it will likely be supportive for at least a bounce up to 430 or so. Check it out.

I have misjudged the depth of the C corrective leg in May Soybeans by a bunch. Today, the selling reached a level where another uptrend line comes into play and and where an old swing low is located from November 17th 2022.

Also, retracement levels from the July 22nd low to high are 50% at 1425 and 62% at 1395. Today closed in between them at 1418. Please note the up trendline and various price levels pointed out.

Today's heavy volume was higher than yesterday's heavy volume in May, July and November Soybeans.

November Beans also continued selling today as price closed the July gap and went past it by 20 cents. I'm not sure what is happening here, but when old gaps are filled, this usually is a spot where the market turns around. We will see what occurs with soybeans. Here is the updated November contract chart.

Maybe my memory is failing, but I don't remember a time that had this much divergence between corn and beans.

Yesterday's low in May Wheat held as prices backfilled a few cents. We will see if the 647.25 level below needs to be tested. Here is today's wheat chart.

May Crude Oil marked a higher high and a lower low today, closing down 1.43 at 69.47. Let's see if the 68 level will be tested tomorrow.

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