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Tech Guy Opening Calls & Comments for 9/14/22

Dec Wheat - 2 to 3 Higher


Dec Corn - Steady


Nov Beans - Steady to 1 Higher


Oct Crude Oil rallied up through the neckline today almost matching the Sep 5th high of 90.39. The high today was 90.19 and the close was a few ticks from the neckline at 88.98. The most likely scenario is still a rally to the 98-100 area. Look at yesterday's crude chart for reference.


Dec Wheat showed it's strength today by only selling down to 849.25 (within a couple of ticks from yesterday's low) today and closing up +12.25 on the day - the momentum is still up with 896 and 943 in the crosshairs.


Dec Corn corrected today down to the 682 support. I don't want to see anything below 674 for the uptrend to remain promising. Here is the updated Dec Corn chart - you can see how today's low/close is on that June 1st low at 682.



Likewise, Nov Beans did nothing unexpected today, correcting down to the top of it's triangle at today's support - 1455. Here is the Nov Soybean chart with notes and labels. Not labeled on the bean chart - the 50% pullback from this recent up leg is the price of 1441 - danger for the bulls if this is breached.

My feeling about the USDA numbers Monday on Corn and maybe beans also is that they came down in yield as little as possible - that there is more to come. Any rallying from here will confirm yield is still lower - so it might work out the October report is a buy the rumor sell the fact situation.