top of page
If You Haven't, Try Our Daily Grain Market Reports FREE for 30 Days!

Tech Guy Opening Calls & Comments 6/29/23

Sep Wheat - Steady & Mixed


Dec Corn - 1 to 2 Higher


Nov Beans - Steady to 1 Higher


August and November beans printed a narrow range/inside day today on the daily bar. This means today was the most narrow range of at least the previous 7 days. Actually, I had to count back to June 12th to find a more narrow price range day.


This narrow bar signals that tomorrow should likely be an expanded range either way - fitting that tomorrow is report day. The July Beans contract was up +29.75 today. Therefore, the July/November soybean spread marked new highs again today!


This is bullish soybean demand. August and November Soybeans are also in the process of building an inverted head & shoulders pattern, with the current correction being the right shoulder.


Tomorrow's quarterly stocks and acreage report is a complete wildcard of course. We will just have to let the dust settle afterwards. Additionally, keep in mind that this week and the next 2 weeks are historically the most volatile (big ranges) out of the entire year and I doubt this year will be any different - one thing is for certain - the grains will not be quiet


Check out today's November Bean daily chart.


Here is the bullish July/November Soybean spread chart.


December Corn sank a few more cents today as forecast rains are aiding and abetting the fund shorts game plan. I'm still calling this selloff a corrective wave #2. The number 2 wave can be exceptionally deep (greater than 78%). This leg is a 75% retracement, so far.


Here is the current December Corn daily chart.


Support in the continuation (now Sep) wheat chart is holding at about 665 for now. You will see the red neckline across the chart horizontally. I have no idea what to expect tomorrow except volatility.


Prices in the grains could go down/down, down/up or up/up. Here is the daily wheat chart.


August Crude Oil is continuing to trade sideways back and forth between 67.00 and 72.75. Of course, it is building up energy for a larger move, eventually. I am counting the sideways corrective action as A-B-C-X-A-B-C - 2 A-B-C's linked by another leg. In a down correction the X leg is always up. Check out the updated crude chart.








Comments


bottom of page