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Tech Guy Opening Calls & Comments for 9/12/22

Dec Wheat - 1 Lower

Dec Corn - Steady to 1 Lower

Nov Beans - 4 to 6 Lower

What a difference a day makes - the cat's out of the bag, so to speak. USDA's numbers are a known quantity and now the grains can resume what they do best - trade.

From my comments on 8/30 - "With all the hype on Corn, it seems like Soybeans are being left out - that there is no bullish information for Nov Beans to rally, the rain is helping to fill pods, etc. I disagree." Further, "I'm betting the biggest surprise will be soybeans on the USDA Sep 12th report. We all know they will ratchet down the corn yield somewhat. But Soybeans are probably expected to change very little on the report."

The US Dollar sold off for the 3rd day in-a-row. This is supporting most US assets, including equities, energies, and agriculture.

Nov Soybeans broke out to the upside (through the 1457 resistance) which is the top of a triangle, on heavy volume today. Therefore beans have most likely begun an uptrend. 1457 becomes support and resistance lies at 1536 then 1556. Please refer to soybean chart from last weekend's post.

Dec Corn had a follow through buy day on heavy volume, trading as high as 699.50 and settling near 696. Just like the Nov Soybeans, corn has cleared all bumps to the left side of the chart (nothing to get in the way of the up momentum)


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