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Tech Guy Opening Calls & Comments for 10/12/22

Dec Wheat - 1 Higher


Dec Corn - Steady


Nov Beans - 3 to 4 Lower


Out of all the grains, soybean production was cut the most today. As a result, Nov Beans rallied to a high of 1414 then last traded at 1395.25, up +19 for the day. Using some math (subtraction on the last report) and doing some hat tricks with usage today they were able to pencil ending stocks unchanged at 200 mil even though production was cut 65 mil bushels. The market won't believe it.


Dec Soymeal continues to lead the complex higher - up 8 to 414 and up 22 from last Friday's low of 391.9. I have always observed the strongest soybean rallies are lead by soymeal so here we go at the start of a bean rally. This is the updated Dec Meal chart.


After a last trade of 1395.25, support for Nov Beans comes in at 1370 and resistance is 1414, 1446 and 1476.


Dec Corn had a fairly large trading range today between 680-700, closing unchanged at 693.


Dec Wheat was negative - 17 on the day closing near 883.75. The lower support remains the neckline around 855-856.


Nov Crude Oil continued selling down to 86.28, just between the 2 support lines. At this juncture I am thinking this correction will make another up leg followed by another down leg where today's low is A in an A-B-C formation. You will see this projection on the crude chart here.