Tech Guy Opening Calls & Comments 5/21/24

July Wheat - 0.50 Higher

July Corn - Steady

July Soymeal - 0.30 Higher

July Beans - 2.75 Lower

July Crude Oil broke to the downside out of the channel, and therefore marked the low well below support by about a dollar.

support - 78.40

77.50

resistance - 79.20

80.30

Most of the grains (except the wheats) were not ready to run higher, therefore my support prices were too tight.

July Soybeans marked the low 3 cents below 1233 support, after selling off 13 cents.

support - 1233.50

1230.00

resistance -1242.50

1251.00, 1257.00

July Soymeal marked it's low 4.60 below support, after selling off 7 bucks high to low.

support - 370.00

366.00

resistance - 375.50 - breakout

382.00

July Corn marked it's low 6.50 cents below support, then rallied 12 cents low to high.

support - 455.00

451.00

resistance - 466.00

473.00

July SRW Wheat marked it's low 2 ticks above the 681.50 support level, then rallied about 17 cents.

support - 691.50

682.00

resistance - 701.00 - breakout

720.00, 778.00

July HRW Wheat marked the low 2 ticks below the 689.00 support level, then rallied as much as 16 cents.

support - 698.50

696.00

resistance - 710.00 - breakout

754.00

July Spring Wheat marked the low 1 tick above the 729.00 support price, after correcting from 743.00 - 14 cents.

support - 727.50

720.00

resistance - 747.50 - breakout

767.00-772.00

June S&P marked it's low 2.5 points above the 5320 support level, then rallied to within 2.5 points of the 5350 breakout price - 25 point move.

support - 5327

5305

resistance - 5350 - breakout

5394

July Cocoa faked a breakout to the downside, then reversed up. It could print a briefly lower low at 6600, then continue back up to 9600-9700, or simply continue up without marking a lower low.