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Tech Guy Opening Calls & Comments for 8/9/22

Sep Wheat - Steady to 1 Lower


Sep Corn - 1 to 2 Lower

Dec Corn - Steady to 1 Lower


Sep Beans - 6 to 14 Higher

Nov Beans - Steady to 1 Lowe


The Sep/Nov Soybean bull spread continues to go parabolic (straight up quickly). It was up another +18 cents today while Sep Beans were up about +49. Since July 26 Sep Beans are up +154 and the Sep/Nov spread is up +79 cents.


What does this mean? Sep Beans have traded up to its right neckline (poised to break up to test contract highs) on the upside down head & shoulders pattern - remember, the pattern looks like a guy standing on his head. Nov Beans are still 52 cents below the neckline.


The Sep Bean contract is leaving the Nov Contract in the dust. The August contract, currently in delivery is even stronger. Somebody (end users?) needs soybeans from those who have it and they are concerned about making it to the new crop soybean harvest. Folks that need soybeans now & yesterday are having to pay up in order to secure any product. The remaining old crop supply is in very strong hands (don't need money).


I don't know any fundamental information about soybean demand or supply - this information comes directly from the bean and spread charts. Also, last night, Sep and Nov Beans gapped up again (intraday) - another breakaway gap if it's not filled quickly. This gap tells us again that there is a particular urgency to higher prices - the demand is very strong.


Take a look at the updated Sep Bean chart going back to May 23rd and showing today's close hovering around the neckline. There are several numbers and notes on the chart - targets, reminders - it is all information needed for making decisions.


Dec Corn also gapped up last night. If the gap can stay unfilled the next couple days it will also be another breakaway gap signaling higher prices to come near term. The Sep Corn contract just became stronger than the December Contract. This bodes well for near term strength in corn overall.


Sep Crude made higher highs and lows on the intraday charts today. 89.06 could have bought last night - new support is about 90 for tomorrow - this market is trying to buy up from it's low from August 5th.