Tech Guy Opening Calls & Comments 6/16/22
July Wheat - Steady to 1 Lower
July Corn - 1 -2 Lower
Dec Corn - Steady
July Soybeans - Steady
From Yesterday's comments: "July and Sep Wheat sold off 13-14 cents out of the triangle then rallied back to close to even on the day. I think this is a downside fakeout to trap more shorts."
Today July and Sep Wheat traded up to the top of the triangle and are trying to breakout to the upside.
Roger has mentioned before that the inflated US Dollar index doesn't affect the grains as much and is not as bearish during inflationary times like now. The USD has sold off 2 full handles from yesterday's high of 105.65 down to a low of 103.36 today.
I would think this is somewhat bullish because it looks like it will trend down to support in the 101 area.
From yesterday: "Dec Corn. When it begins another leg up after storing up enough energy during this sideways trade, will be be targeting 740 then 757." Dec Corn bought up to the 740 area today,
From yesterday: "Novie and July beans made dojis for the daily bar. This tells me tomorrow is likely to be an up day." November Beans are up +24 cents as of this writing today.
August Crude Oil Update: Made a lower low today around 110.50 - This is great support from the March swing high. I think it will continue up today to 116.5 then backfill to 113-112.50 tomorrow, then rally again to 117. Next it should sell off again back to 110-109 into early next week. It is moving! - a trader's market.