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Tech Guy Opening Calls & Comments 5/12/22

July Wheat - 7 to 9 Lower

July Corn - Steady to 1 Lower

July Soybeans - Steady to 1 Higher

From Monday, May 9 - "Went long (buy) July Corn at 771 ^4 limit with a 763 sell stop. The risk is 8.5 X $50 = $425. The initial target is 798 ($1325 potential reward)."

I was filled at the 798 price target with a limit order on the July corn this morning (profit $1325 - 26.5 cents). The limit order was placed yesterday resting in the market. A sell limit order is ALWAYS above the market so that when it trades to your price or 1 tick higher the fill is executed.

The July soybean sell stop is moved up to the entry price at 1584. This type of action/order placement is called cancel/replace (CXR) because you are cancelling the 1st stop order and replacing it with a new limit order.

My profit target remains at 1675 (beans) with a sell limit order there resting in the market. Now, my worst case scenario is a profit of $1325 (instead of a loss) while still looking for $4550 more in July beans. When you place a futures order it can either be a day order (automatic cancel end of trade session, if not filled) or good till cancel (GTC) - remaining in the market until it is filled or cancelled.

Both July corn and beans remain in the uptrend that began Monday. With every passing trading session that makes higher highs and lows we gain more confidence that the up trend will have some legs.

December Corn was the strongest today up +17.25 cents reaching a high of 755.5! (old high 757). I believe the report was quite friendly for new crop corn. Old crop corn will start catching up very soon.

July wheat blew through resistance (1147), made it up +65.75 cents today and is headed up to test the March high of 1278.25.

June Crude Oil: yesterdays comment - " It could back fill to the 103-102 area before heading up to the 111-112."

As anticipated today, Crude sold down to the (103-102 area) 102.66 then rebounded up to 107.37 - past yesterday's high. It is still trending up to the 112 area where we will re-evaluate to see if it will correct some or go straight up to the 117 area.


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