Tech Guy Opening Calls & Comments with 1-2 Month Projections 10/30/24

Dec Wheat - 0.50 Higher

Dec Corn - Steady

Dec Soymeal - Steady

Jan Beans - 0.75 Lower

December Crude Oil marked it's high 14 cents above the 69.00 support, then sold off about 1.75 from high to low. The 66.75 low from Tuesday should hold while crude rallies to 70.00, minimum. Then, if it pushes through 70.00, 72.00-72.80 will be in play.

support - 68.15

67.60

resistance - 70.00

72.00

January Soybeans marked the low 3 ticks above the 976.50 support level, then rallied about 15 cents, and closed above the 991.50 resistance price. In 1-2 months, I expect 1085, and maybe as high as 1135.

support - 987.00

981.00

resistance - 995.50 - breakout

1013.00

December Soymeal rejected the buyers at the 304.00 resistance level, and sent price back down to the 301.50-300.00 floor.

support - 300.50

298.00

resistance - 304.00 - breakout

307.00, 310.00

December Corn marked it's low exactly on the 411.00 support price, after selling off only 3.25 cents from the 414.25 high. In the 1-2 month timeframe, I expect corn to trade to 485 minimum. Afterwards, 500-525 is in play.

support - 411.00

408.25

resistance - 415.00 - breakout

420.00, 424.00

December SRW Wheat marked it's high 2 ticks above the 580.00 resistance price, after rallying about 16 cents from the low. After the 580.50 price was rejected, wheat sold off about 8 cents during the 10-11 AM timeframe. Going into year's end, I expect a rally to 720, then 765, and perhaps 800.

support - 571.50

564.00

resistance - 581.00

586.00, 596.00

December HRW Wheat marked it's high 1.50 cents beyond the 581.50 resistance level, after rallying about 17 cents low to high.

support - 573.00

565.50

resistance - 584.00

594.00

December Spring Wheat marked it's high 2.50 cents above the 615.00 resistance price, after rallying 17.50 cents low to high. After 655 is cleared to the upside, 800.00 is likely by year's end.

support - 606.50

600.00

resistance - 618.00

624.00, 637.50

In overnight trade, the December S&P marked it's high 6 bucks above the 5887 resistance level, then sold off about 45 bucks. During the pit session, the high was made within 1 tick of the 5887 resistance price, then sold off almost 47 bucks to within 1 tick of the 5840 support.

support - 5840

5825, 5800

resistance - 5880

5900