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Tech Guy Opening Calls & Comments 5/8/24

July Wheat - 0.25 Lower


July Corn - 0.25 Lower


July Soymeal - Steady


July Soybeans - 0.50 Higher


June Crude Oil marked the low about 65 cents below the 77.55 support area, then it rallied 2+ bucks low to high.

support - 78.60

77.85

resistance - 79.70-80.10

80.70-81.50


July Soybeans sold off to test old support in the 1227 area. Tight support after a rally is to protect profits and re-enter at lower support levels in both beans and corn.

support - 1224.00

1219.50

resistance - 1249.00

1257.00 - keep yesterday's targets in mind for this week.


July Soymeal forged it's low in between the 2 support levels. The low was 377.60.

support - 378.40

374.50

resistance - 390.00

400.50


July Corn also sold off to previous support at the 457.50 level.

support - 457.50

454.00

resistance - 472.00

480.00-483.00


July SRW Wheat - sorry for the typo, the listed prices under "support" were in reality the resistance levels.

support - 630.00

623.50

resistance - 654.00

663.00 - 703 target above


July HRW Wheat marked the low 1 cent below the 648.00 support price, after selling off 21 cents from last night.

support - 644.50

640.50

resistance - 670.00

679.00


July Spring Wheat crashed down to previous support at the 700 level. It sold off 21 cents from the overnight highs.

support - 697.00

690.50

resistance - 722.50

731.00


June S&P traded in a relatively small range today. I'm going to tighten the support levels.

support - 5204

5188 - keep yesterday's support levels in mind, if needed.

resistance - 5258

5285



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