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Tech Guy Opening Calls & Comments for 8/11/22

Sep Wheat - 4 to 6 Higher

Dec Corn - 1 to 2 Higher

Sep Beans - Steady

Nov Beans - Steady to 1 Lower

From yesterday's comments about Sep Soybeans: "1490-1495 is a low risk area to add longs or re-enter." The low last night was 1489.25 and it rallied back to 1537, then settled around 1521. The neckline at 1515 should hold support now barring any unanticipated wild news on tomorrow's USDA report. A close tomorrow at 1556 or higher will be very bullish - then 1600 (contract high) will come quickly.

Today's trade in Dec Corn could not test the top of the gap (strength) and it closed about 9.5 cents higher at 628. This chart is directly at the top of a triangle about to break out to the upside. Next target is about 650, then 682 after that. Please see yesterday's Dec Corn chart.

Here is the Daily chart of Sep Wheat. The Dec contract has the same pattern and horizontal target line as Sep. The Dec target line is within a nickel of The Sep contract.

Sep Crude Oil has carved out a long term low in my estimation - this includes Heating oil or Low Sulphur Diesel. Might Be the lowest prices for a while to come.


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