Tech Guy Weekend Comments 7/5/25

August Crude Oil marked it's high 38 cents above the 67.20 resistance level, then sold off about 1.50 to a few cents below first support.

support - 66.20, 65.20

resistance - 67.70, 69.00

We should know more about the price action in the grains by Monday's close - summer rally or not.

November Soybeans marked the high 1.50 cents below the 1060.00 resistance price, after rallying about 14.50 cents from the low to the high.

support - 1043.50, 1038.00

resistance - 1060.00, 1068.00

December Corn marked a new high for the move, which exceeded the upper resistance point - this price action is strong. The first resistance (434.00) became support on the late session backfill.

support - 434.00, 429.50

resistance - 443.00-444.50, 447.00, 452.00

September SRW Wheat marked it's high in between the first 2 resistance numbers, then sold off about 12.50 cents to 1 tick below the 2nd support level, from high to low.

support - 554.00, 551.00, 544.50

resistance - 569.00, 586.00

September HRW Wheat marked it's high 1.25 cents above the 548.50 resistance price, then sold off about 14.00 cents, to 2.00 cents above the 533.00 support number.

support - 535.00-533.00, 528.00

resistance - 542.50, 550.00

September Spring Wheat marked it's low 1 tick below the 646.00 support level, after selling off 12.25 cents from the high to the low.

support - 643.50, 635.00

resistance - 659.00, 665.50, 682.00

Up until the mid-1980’s, grain production in the U.S. was heavily subsidized by the government to keep the price of food low for American consumers and to keep farmers farming. In the case of wheat, about 30% of the cost of production was paid for by U.S. government subsidies.

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