Tech Guy Opening Calls & Comments 5/20/25

July Wheat - 0.50-1.25 Higher

July Corn - Steady to 0.50 Lower

July Soymeal - 0.10 Lower

July Beans - Steady to 0.50 Higher

July Crude Oil narrowed it's trading range today, moving in between support and resistance and closing slightly higher on the day.

support - 61.50, 60.50

resistance - 62.75, 63.55

July Soybeans marked the low 1 tick above the 1046.00 support level, then rallied about 10.50 cents from low to high, and stopped about 3.50 cents shy of the 1060.00 resistance price. A close above 1060.00 will signal an up move to test the 1082.00 swing highs.

support - 1048.50, 1046.00

resistance - 1060.00 - breakout higher, 1074.00 - gap

July Corn pushed up through the 450.00 resistance, on it's way to closing 7.25 cents higher on the day. Today's rally action should signal an up move to test the 492.00 area, but the action will be very bumpy - lots of small up moves with several backfills along the way.

support - 451.00-449.50, 445.00

resistance - 459.00-463.50, 467.00, 478.00 - these are the bumps to the left.

July SRW Wheat rallied 18.25 cents on the day, closing 2.25 cents above the 545.00 resistance level. Very constructive move, and 545.00 now becomes first support.

support - 545.00, 537.50

resistance - 550.00-556.00, 566.00-570.00

July HRW Wheat closed 14.25 cents higher on the day, finishing 7.50 cents above the 530.00 breakout price. Now that the lows are confirmed for the wheats, look for more up legs with corrections/backfills.

support - 530.00, 523.50

resistance - 545.00-548.00, 570.00

July Spring Wheat closed 3.00 cents above the 595.00 resistance mark, finishing up 12.25 for the day.

support - 595.00, 592.00, 588.50

resistance - 607.00, 617.00

Soviet Union trade:

The Soviet Union asked in June 1972 to buy a large amount of U.S. wheat on a three-year deal. An agreement was made for the U.S. to sell the Soviet Union 10 million mts (364 million bushels) of wheat over the next three years. However, the entire tonnage was purchased by the Soviets in July and August 1972 from the ABCD companies. Since the U.S. government was not tracking the export sales and shipments of U.S. food and fiber exports, very suddenly, there was not enough wheat to meet the domestic demand. The price of wheat jumped 30% for American consumers.

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