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Tech Guy Opening Calls & Comments for 8/25/22

Dec Wheat - 4 to 6 Higher

Dec Corn - Steady to 1 Higher

Nov Beans - Steady to 2 Higher

From yesterdays comments: "This sideways action should continue through Friday - between 667-648 in Dec Corn and 1480-1442 in Nov Beans."

Dec Corn held just great above my support but beans had more selling to do and came down to the 1429 area. Because 1438 was violated, next solid support is 1409. I am not saying the 1425-29 area won't hold but beans can be over emotional, and push things too far.

Tomorrow is day 34, and 35-36 of the cycle are this weekend so I am watching carefully for a clear turn back up, especially in beans - the Dec Corn correction is nice and shallow as expected.

I was reading some commentary about the Pro Farmer Tour. A guy from evidently did some quantitative comparisons with USDA's Aug report numbers - I find it very interesting about corn and it parallels my fundamental grasp of how the corn crop is doing in the field. I'd be lying if I said this didn't add confidence to Dec Corn's technical picture and overall bullishness. This is public information. I simply found it to pass along in case you have not seen it. From the Agtalk marketing forum: worth the read - about 1-2 min long

Oct Crude Oil pulled back to the 92.50 area today. I expect this support to hold for another probable buying spree to the 100-101 area.


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