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Tech Guy Opening Calls & Weekend Comments 10/1/23

Dec Wheat - 5 to 6 Higher


Dec Corn - Steady to 1 Higher


Nov Beans - Steady to 1 Lower


Because you folks are extremely busy during the harvest season I will be limiting my comments to pointing out support levels or good places to buy, and resistance marks or decent places to make sales.


All of the grains were hit by a bearish surprise from the Quarterly ending stocks report on Friday.


First support for December Corn comes in at 474, and second support is just below the low at 467 for Monday's trading session. The resistance levels or upside targets are 490 and higher at 501.


For November Soybeans, the first support price (possible buy level) is just below Friday's low at 1272 and second support is 1257, in the event of a gap down tonight. The first resistance mark is 1306 and then higher at 1317. All of these points are valid for Monday's trade.


The wheat bulls were damaged the most from the huge down day Friday. Therefore, these markets have become volatile. Chicago December SRW support levels are as follows: first support is 535 and the second level is 519 for Monday's trade. First resistances comes in at 571 and then 587.


The first support level in December Kansas City Wheat comes in at 654 (8 cents below the close) and the second support mark is 643. Upside resistance is 674 and then again at 687.


The first possible place to buy (support level) for Monday in December Spring Wheat is 693, and the second level is 668. Resistance falls at 726, and then higher at 747.


These support and resistance prices will be adjusted on a daily basis, and once the up trend begins, everything will come into a sharper focus.



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