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Tech Guy Opening Calls & Comments 5/24/22


July Wheat - Steady


July Corn - 1 to 3 Lower

Dec Corn - 1 to 2 Lower


July Soybeans - 2 to 4 Lower


My support levels were violated in both July and Dec Corn as well as July Wheat.

The July Soybean support at 1672-1667 was not even tested as 1673.50 was the low for the day.


What is spectacular about today was the intraday volume in July Corn and Wheat, and Dec. Corn. Normally (average trading day) in the grains, the highest or peak volume occurs at the beginning of the session - first 30 minutes of trade from 8:30-9:00 AM. CDT.


Today's peak volume was between 11:00-11:30 AM CDT in July corn and wheat when the selloff and swing low occurred. In Dec corn the 11:30-12:00 bar was also peak. This happened while Dec corn made it's low for the day between prices 722 to 714.25 (low of day).


When this mid day volume phenomenon occurs during a sharp selloff (crash) then rebound - the market gets bought right back up - marks a significant low. The strong money hands (funds) jumped in because they knew it was a bargain buy - I agree with Roger (he said it was a news event) about buying today as the low today marks a confident low. The funds would not and should not (in days to come) allow it to sell any lower - it could test the level again should not trade more than about 5 cents lower.


Please study the Dec Corn chart below and notice the volume bars at the bottom. Also compare the price bars with their corresponding volume bars - each day, 1 at a time. A picture (chart) is worth a thousand words. I think you will be able to see it!


Not much change in July Crude Oil. It is range bound on the top of a trendline which marks support - should eventually work higher.