Tech Guy Opening Calls & Comments 5/1/25

July Wheat - 0.25 Lower

July Corn - Steady

July Soymeal - Steady

July Beans - 0.25 Lower

June Crude Oil marked it's low 4 ticks from the 56.35 support level, then rallied about 3.00 bucks to the high, not quite hitting resistance.

support - 57.70, 56.35

resistance - 60.15, 61.15-61.50

July Soybeans marked the low 1.75 cents below the 1038.50 lower bracket support price, then rallied about 17.50 cents from low to high, which was 2 ticks below the upper resistance level.

support - 1039.50, 1033.00

resistance - 1055.00, 1061.50

July Corn marked it's low at 470.00 which was in the middle of the 3.50 cent range between support prices, after selling off about a dime from the early morning high to the low.

support - 470.00, 467.50

resistance - 475.00, 480.00

July SRW Wheat marked it's low 2 ticks below the 529.00 support point, after selling down approximately 9.00 cents from the high, which remained below resistance. Soft wheat has been trading in a 17.00 cent range since Monday morning.

support - 527.50, 522.50

resistance - 538.00-540.00, 545.00

July HRW Wheat marked it's low 1.00 cent below the 526.00 support level, after selling off about a dime from within 2 ticks of the resistance number.

support - 525.00, 519.00

resistance - 535.0, 541.50

July Spring Wheat traded in between the support price of 592.00 and within 2 ticks of the 601.50 resistance level - also rangebound.

support - 592.00, 588.50

resistance - 601.50, 606.00, 617.00

History of Russian wheat:

Russia is the world's leading exporter of wheat. About 70% of its wheat is winter wheat and 30% is spring wheat. Western Russia and Ukraine produced so much wheat before 1914, that area near the Black Sea was known as the "Bread Basket of the World." World War I ended crop production in the Black Sea area. The Great Plains of the U.S. were plowed-up to feed the world during the war.

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/