Tech Guy Opening Calls & Comments 4/24/25

May Wheat - 0.50 Lower

May Corn - Steady to 0.75 Lower

May Soymeal - Steady

May Beans - Steady to 1.00 Lower

June Crude Oil marked it's high 44 cents above the 62.85 resistance level, after gaining a net 48 cents on the day - trading at 62.75 currently. The lower low marked yesterday makes the odds higher that we see another lower low before a new high.

support - 61.00-6050, 59.30

May Soybeans both closed 14.25 cents higher on the day, and closed 4.25 cents above the 1050 node/resistance, turning that price into support.

support - 1050.00-1048.50, 1038.50

resistance - 1061.00, 1066.50, 1073.00 - all bumps on the left side of the chart

May Corn marked it's high 2 ticks below the 479.00 resistance/target, and closed up 4.75 cents for the session.

support - 475.00, 472.50

resistance - 480.00, 487.50

May SRW Wheat marked it's low 1.50 cents below the 425.75 support price, after selling off about 6.00 cents, then it rallied back close to that same amount, and ultimately printed a Doji like day for the daytime/pit session - 8:30 opening and closing close to the same price.

support - 527.00, 524.00, 520.00 - not as likely

resistance - 537.00-541.00, 553.50

May HRW Wheat marked it's low 2 ticks above the 531.00 support level, then rallied almost 9.00 cents from low to high. Hard wheat looks to have exhausted taking out all the sell stops it needs for energy to go higher.

support - 535.00, 531.00

resistance - 544.00, 548.00, 555.00

May Spring Wheat marked it's low 1.75 cents below the 588.50 support price, then it rallied 7.50 cents from low to high, and also closed positive for the day.

support - 590.00, 586.00

resistance - 600.00-603.00, 617.50

Wheat facts:

At 770 million tons, wheat is the world’s fifth largest agricultural product. Wheat is a foundational crop in human history, dating back to the first agricultural operations in Mesopotamia. Today, wheat is grown on every continent except Antarctica, with Russia, China, and India as leading producers. Wheat fields, characterized by golden stalks swaying in the wind, symbolize abundance and sustenance

For more pertinent market news and fundamental grain information, sign-up for a 30 day, no cost, no obligation, no phone call subscription to Wright on the Market news sent to your email every day before you get out of bed. Click on "subscribe" at: https://www.wrightonthemarket.com/