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

Sep Wheat - 1 to 2 Higher

Sep Corn - 1 to 2 Higher

Dec Corn - 3 to 4 Higher

Sep Beans - 13-18 Higher

Nov Soybeans - 2 to 4 Higher

The September/November soybean bull spread last traded at $.67 today after trading around $.44 - 2 days ago. This spread is continuing to make new contract highs with every passing day. This spread shows us how strong the demand side of the soybean market is becoming these last few weeks of the marketing year.

The Dec Corn and Nov Bean charts are still in a solid uptrend - they have paused the last 2 days to re-charge their energy. Both contracts also had an Inside Day/Narrowest Range of the last 7 days, today - Abbreviated ID/NR7.

This kind of day is indicative of building energy for a probable breakout to the upside on tomorrow's daily bar. Maybe both soybeans and corn are waiting for the crop condition report this afternoon to find an excuse or reason for the funds to buy more.

Support for Nov Beans comes in at 1390 and resistance 1431. Support for Dec Corn is at 600 and resistance 619.

Corn good-excellent ratings declined 3 % points today, beans were down 1. Perhaps this ratings drops will give them a shove to begin the next leg higher.

Sep Crude Oil Update: As it turned out, oil did not have to trade down to 86 to find big fund buyers. 87 seemed to do the trick and a good swing low now appears to be in place. Folks wanting to get long may not be able to get in below 89.5.

I was intending to post some of the vegetation maps this week but for some reason they didn't update this week (normally publish on Sat/Sun) - will keep watching for them.


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