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Tech Guy Opening Calls & Comments 3/7/24

May Wheat - 0.75 Higher


May Corn - 0.75 Lower


May Soymeal - Steady


May Beans - 1.25 Lower


April Crude Oil Marked it's low 35 cents below the 78.00 support level.

support - 78.00

77.15

resistance - 80.50

83.75


May Soybeans marked it's low 2 cents above support, then proceeded to rally 20 cents

support - 1156.00

1147.00

resistance - 1172.00 - breakout

1192.00

1202.00-1212.00


May Soymeal marked it's low 80 cents above 329.00 support, then rallied 5 bucks.

support - 331.00

327.00

resistance - 339.00

352.50


May Corn marked it's low 1.50 cents above support, then rallied a dime.

support - 436.25

432.00

resistance - 446.00-448.00

460.00


May SRW Wheat marked it's low 2 ticks above support and formed a double bottom with yesterday's low. Wheat also tested the November 27th continuation chart low of 527.50, therefore marking a larger double bottom.

support - 527.00

490.00

resistance - 539.00

551.00

568.50


May HRW Wheat marked it's low very close to support at 555.00, then rallied 25 cents.

support - 570.00

561.00

resistance - 582.00 - breakout

595.00


May Spring Wheat made it's low a couple of ticks above support, then rallied 20 cents to just above 1st resistance.

support - 650.00

642.00

resistance - 665.00

675.00


March S&P rallied to new highs today, eclipsing resistance at 5158 by 12 points and closing ay 5157.25

support - 5134

5081

resistance - 5182

5218


May Corn closed just above old resistance at 434.00 today. The close is also above 2 trendlines on the daily chart. 434.00 should now be support, but anything can happen with these squirrelly monthly reports.


Here's the corn daily continuation chart:


We have all heard and experienced how mild and fairly dry this winter has been. This is a comparison of the drought monitor for this week, and for the same week in 2012.



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