top of page
If You Haven't, Try Our Daily Grain Market Reports FREE for 30 Days!

Tech Guy Opening Calls & Comments 5/1/23

July Wheat - 1 Higher

July Corn - Steady

July Beans - Steady to 1 Lower

July and November Soybeans both had follow through buying today after Friday's strong reversal up day. This is a good sign and more evidence that an up move has begun. The November bean chart is similar to the daily bean continuation chart in that it also marked a double bottom on Friday.

November bean prices didn't come all the way down to the March 24th low, but close enough for a double bottom. It is like when any area on the chart gets tested - price can reverse a few ticks before the line or swing point (front running), or prices can push through the boundary a little bit.

Here is the November Soybean chart - support is 1248 and the next target higher is between 1325 and 1340.

Support for July Beans is 1413 and the next objective higher is 1461 first, then 1500.

July Wheat continued selling off today (another 15.50 cents) and came within 4 or 5 cents of the low from last July - you will see it as the red line at the very bottom of the chart.

July Corn consolidated/sideways today and is forming a spike and ledge bottom pattern from Friday. This pattern consists of a spike down and up followed by a sideways ledge where price goes back and forth in a small range. Remember July Corn is a big double bottom from last July.

Check out the 2 hour July Corn chart, noting the spike and ledge bottom pattern - support is 576 and the next target higher is 615.

Although December corn printed new lows today, it should be bottoming out, as well. It is becoming extremely oversold. The rally from spring of 2020 till last April was about 305 cents. A 50% retracement/correction takes Dec Corn to 528 and today traded down to 520. Therefore, it is in the ballpark of a standard correction.

Support for Dec Corn is 518 and resistance is 540. Once it trades back up through 540, the new shorts will begin covering because they are under water and this will act as bull fuel.

I said earlier that I believed the selling going on in Dec Corn was a fakeout to the downside. It appears to be a bear trap to get as much fund money short, then the bulls will reverse price back up. Here is today's Dec Corn daily - today is the last red bar/candlestick on the bottom right.

The May/July corn spread (buying May & selling July) continues to impress, as it marked new highs for the move today even while going into the delivery period. Maybe Roger can shed more details on this phenomenon, but it sure seems bullish corn to me.

This spread is not wasting any time going almost straight up. Check out the line chart of May/July corn.

For those who are tracking June Crude Oil, it is stuck in a range between 79 and 74. Crude could sell down to 72, where buyers should be waiting and 79 to 80 (top of the gap) should bring out the sellers. Here is today's crude oil 4 hour chart.

Recent Posts

See All


bottom of page