Tech Guy Weekend Comments 7/20/25

September Crude Oil traded within a few cents of the first stated support and resistance, rallying almost 1.50, then selling back down about 1.50.

support - 65.60-65.40, 65.15

resistance - 67.30-67.55, 68.50

November Soybeans marked the high 3.25 cents above the 1040.00 resistance level, after rallying about 17.00 cents from low to high. Beans have likely completed the first small impulse higher, and are therefore now do for a correction. I don't know how deep it will be - refer to support numbers.

support - 10.23.00, 1018.50

resistance - 1048.00, 1059.00

December Corn marked it's high 1 tick above the 430.00 resistance number, after rallying about 9.50 cents from the open/low to the high.

support - 425.50, 418.50

resistance - 434.50, 442.00

September SRW Wheat marked it's high 1.75 cents shy of the 552.00 resistance price, after rallying about 17.25 cents from the low to the high.

support - 542.00, 536.50

resistance - 552.00, 558.00

September HRW Wheat marked it's low 3 ticks above the 516.50 support price, then rallied almost 18.00 cents, to above the 2nd resistance. It closed around the 530.00 resistance/node.

support - 527.50, 524.00

resistance - 535.00-538.00, 549.50

September Spring Wheat traded in between the stated support and resistance numbers, while finishing within 2 ticks of unchanged on the day.

support - 593.00, 589.00

resistance - 605.00, 618.50

Drought:

There have been 6 Corn Belt wide droughts since 1900. They were in 1934, 1936, 1980, 1983, 1988, and 2012.

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