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Tech Guy Weekend Comments 3/3/24

May Corn bottomed on February 26th last week. The Friday publishing of the commitment of traders - futures only report - showed that the corn funds bought a net 33,000+ contracts from the 20th - 27th of February.


The interesting part of this is the fact that corn sold off 13 more cents (for 3 days) while the funds were buying (covering shorts and new longs) - it appears that they were planning the corn low, if you will.



April Crude Oil marked it's low a dime above the 77.95 support level, then rallied through resistance for 2.50+, closing at 79.81. This is a multi-month upside breakout - a good sign for the grain bulls!

support - 79.60

79.00

resistance - 81.50

83.50


May Soybeans marked it's low 3 ticks above 1136.50 support, then rallied for 15 cents.

support - 1148.50

1143.75

resistance - 1152.50 - breakout

1162.00

1190.50


May Soymeal marked it's low 2.20 above support, then rallied 5 bucks.

support - 344.00

331.40

resistance - 334.50 - breakout

344.00


May Corn corrected some and marked the low 1 cent above the lower 421 support.

support - 422.00

416.50

resistance - 434.50 - breakout

446.00

448.50


May SRW Wheat tested the February 20th low on Friday, blowing through support.

support - 555.25

552.50

resistance - 562.00

577.00


May HRW Wheat also sold off below support.

support - 562.00

560.50

resistance - 573.50

587.00


May Spring Wheat sold to test old lows.

support - 640.50

631.00

resistance - 653.00

660.00


March S&P marked it's low 1 buck above the 5088 support, then rallied 60 bucks.

support - 5123

5116

resistance - 5186

5200



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