Tech Guy Opening Calls & Comments 3/4/25

May Wheat - 0.75 Higher

May Corn - 2.00 Higher to 1.00 Lower

May Soymeal - Steady

May Beans - 1.00 to 1.75 Higher

April Crude Oil marked it's low 12 cents above the 66.65 support level, after selling off about 1.70 from last night's high. After the low at 66.77 was printed, crude rallied about 1.80 bucks.

support - 66.70-66.50, 66.35

resistance - 68.60, 69.80

May Soybeans marked the low 9.00 cents below the 1000.00 support, then closed 1.75 cents above the same support number.

support - 991.00-985.00

resistance - 1010.00, 1020.00 - 5 minute head and shoulders projection.

May Corn marked it's low 2 ticks above the 442.00 support price, after selling down about 17.00 cents from last night's high. After the 442.50 low was printed, corn rallied as much as 12.50 cents to 455.00. Friday's total volume was 547,607 contracts and yesterday's was 723,455.

The volume on the May corn chart indicated even more today. We will see what it says when the number is published. There are varying opinions about what's going on with the corn market and commodities in general. I read one analyst saying that corn completed a bear market correction (high) in the 520 area, and now, will continue down to below 3.85. Some technicians see a bull correction happening. Others say that the May contract is forming an inverted head and shoulders with a 620 target. Not everyone gets to go along for the ride - up or down.

The main point is what the rule of charts says: straight down on the left = straight up on the right. If a rally does get started again, it will likely not mark significant pullbacks to enter long. It should be fairly straight up, because the current sell off has offered no significant up moves.

support - 450.00, 442.00

resistance - 460.00, 470.00

May SRW Wheat closed 1.25 cents below the 538.50 support price. Instead of a bull market correcting, the wheats traded all the way to double bottoms.

support - 532.00, 526.00 - double bottom.

resistance - 553.00, 564.00

May HRW Wheat:

support - 454.00, 538.00

resistance - 560.00, 578.00

May Spring Wheat:

support - 580.00, 561.00 - weekly low

resistance - 590.00, 604.00

The volume in all the grains was historically high today - capitulation - this can take more than 1 day in extreme instances. Yesterday and today?

Here are some interesting facts:

On or about the tenth of every month the USDA issues its World Agricultural Supply & Demand Estimates (WASDE) Report. It is the cornerstone of information for agricultural markets for traders, investors, consumers and farmers navigating the complex world of agricultural markets.

On its monthly World Agricultural Supply & Demand Estimates (WASDE) Report, the USDA compiles data from around the world, offering a global perspective on agricultural supply and demand dynamics.

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