Tech Guy Opening Calls & Comments 3/26/25

May Wheat - 0.75 Higher

May Corn - Steady to 1.50 Higher

May Soymeal - 0.30 Higher

May Beans - 0.50 to 1.25 Lower

May Crude Oil rallied 80 cents on the session (time of this writing), and marked the high 28 cents shy of the 70.50 resistance level. Crude should have at least 1 more small leg higher before a longer time frame correction occurs.

support - 69.65-69.45

resistance - 70.60, 71.30

May Soybeans marked the low 2 ticks below the 998.00 support price, then rallied about 10.50-11.00 cents to 3 ticks beyond the 1008.00 resistance point. Today's low tested and held an uptrend triangle line.

support - 1000.00, 995.50

resistance - 1010.00, 1017.00

May Corn marked it's low 1.75 cents below the 452.50 support level, after selling off about a dime from the morning high to the low. First impression indicates a good low, as the 15 minute bar (from 12:30-12:45) which printed the 451.00 low showed the highest volume of the day. Normally in the grains, the highest volume occurs in the first or last 10-15 minutes of the trading session. This 12:30 bar showed capitulation.

support - 451.00, 448.50, 442.00

resistance - 457.50, 462.00, 467.00

See the outstanding volume on the 15 minute corn chart:

May SRW Wheat marked it's low at 535.00, in between the 2 stated support levels, after selling off about 10.75 cents from high to low. Like corn, wheat traded the most volume mid-day from 10:00-11:00 on the hourly bar chart, which also printed the low price.

support - 535.00, 530.00

resistance - 545.50, 551.50

May HRW Wheat marked it's low 1.75 cents below the 565.00 support price, after selling off about 9.00 cents from high to low.

support - 563.00, 556.50

resistance - 573.00, 576.50, 582.00

May Spring Wheat marked it's low 1 tick below the 585.50 lower support bracket, after selling down 6.75 cents high to low and -3.25 for the day.

support - 585.00, 581.50

resistance - 600.00, 610.00

Some Russian wheat history:

The Soviet Union had a major crop wheat failure in 1972 and no one in the U.S. knew it. The lack of wheat in Russia, excess wheat in the U.S., and no one in the U.S. knowing Russia had a terrible wheat crop led to The Great Grain Robbery.

The World Agricultural Supply and Demand Estimates (WASDE) board was formed in 1973 as a joint effort of the National Weather Service, World Agricultural Outlook Board (WAOB) and the USDA because of the Great Grain Robbery of 1972. The CIA was tasked with collecting crop information on countries around the world and reporting that information to the World Agricultural Outlook Board.

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