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Tech Guy Opening Calls & Comments 4/17/23

May Wheat - 2 to 3 Lower


May Corn - Steady to 1 Lower


May Beans - Mixed to 2 Lower


May Corn is up about 23 cents from last Thursday's close and ended up today at the price of 676.25. The bulls are firmly in control and the May/July Corn spread tells us all we need to know. Demand, demand, demand!


To refresh, The May/July spread is buying May and selling July, and this spread is going up parabolically (steeper and steeper) - it is accelerating higher. The spread closed at +34.25 today and has rallied 11 cents since April 10th, 6 trading days ago.


Check out the curve on the May/July Corn spread chart.


There could be some resistance in the 684 to 687 area in May Corn, and then 700 is a solid upside target that should cause a correction and/or sideways trade for a bit - few days to 2 weeks. Support is 668, old resistance. Here is today's daily continuous Corn chart - pay attention to the lines.


This is the 4 hour May Corn so you can see the wave detail (3 up legs with corrections in between).


May Wheat did what it was supposed to do today by experiencing follow through buying after Friday's key reversal up. Yes, there was some backfilling that almost touched the 673 support early in the session, but ultimately wheat gained +12.75 to close at 695.25.


There may be some consolidating around the 693 level - this could still act as some resistance, but the next target higher is 724 and support is 683. A little bit longer term (weeks), the inverted head & shoulders target is roughly the old neckline above in the 813 area. Check out the updated daily May Wheat chart.


Although May Soybeans also marked a nice up day of +15.50 for the day, it is trading sideways until it breaks up higher and above 1532. Support is 1498, then lower at 1479 and resistance is about 1526. Do you see the inverted head & shoulders? It projects an upside target of 1642 on the May contract and also on the continuation chart.


Check out today's 2 hour May Bean chart.


May Crude Oil is struggling to rally, just as Roger warned. It fell off 1.55 to 80.97 today and because the 81.55 support didn't hold, crude is telling us it's not ready to rally.


There is some support at 79.75 and the top of the gap at 79. Crude oil is most likely rangebound for the time being, between 75.70 (bottom of gap below) and 83.10 up above, but there is a chance for 1 more higher high first, near the 84 level. Here is today's May Crude 4 hour chart.


The S&P is trying to breakout to the upside from an ascending triangle. Today closed directly on the upper horizontal line of the triangle seen here on the daily chart.


There is a comment section below, at the bottom of the page. Will the cattle guys please give a shout out or thumbs up if you liked yesterday's cattle report? ...and anyone else is free to comment or ask questions. Thank you.

2 comentários


Tech Guy
Tech Guy
18 de abr. de 2023

Thank you very much Clint! I will update cattle on a regular basis.

Curtir

I found the cattle market comments very useful! We run a small herd for freezer beef but it explained a lot of what was causing feeder calves to be so much more expensive than they were last year. Personally, a bi-weekly or weekly update on the cattle market would be wonderful!

Curtir
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