Tech Guy Opening Calls & Comments 4/3/25

May Wheat - 1.50 Higher

May Corn - 1.00 Higher

May Soymeal - Steady

May Beans - Steady to 1.00 Lower

The June S&P may have created an exhaustion gap on yesterday afternoon's news. There is support about 30 bucks down from the close at 5394-5390. We will need a close above 5590 in the next couple of trading days to confirm the exhaustion gap. This type of gap can signal the end of a move. The fear has likely capitulated.

All levels were violated as traders re-adjusted to tariff world, where new opportunities arise.

May Crude Oil tested an old low/support price of 66.09.

support - 66.00, 65.10, 63.70 - old daily low

resistance - 69.00-69.60, 70.20-70.40

May Soybeans formed an inverted head and shoulders on the intraday charts, where today's secondary low, 1015.00 is the right shoulder. This pattern projects price back to 1040.00

support - 1015.00, 1010.50

resistance - 1025.00-1026.50, 1032,00, 1040.00

May Corn used the 454.00 number as a pivot which was resistance at first, then support, as prices rose later in the session.

support - 454.00, 448.00

resistance - 462.50, 466.00, 470 - old highs

May SRW Wheat also capitulated - flushing out longs, then as the buyers took hold, the 545.00 resistance level almost came into play, with the high printing at 542.00.

support - 534.00, 527.50

resistance - 454.00 - breakout, 550.00, 563.00 - old highs

May HRW Wheat:

support - 565.00, 555.50

resistance - 573.00 - breakout, 597.00

May Spring Wheat was least affected by the tariff news, and marked it's low 1.25 cents above the 582.00 support price, then rallied 13.00 cents low to high.

support - 590.00-589.00, 583.00

resistance - 599.50, 610.00

Some Ukraine details:

Ukraine’s soil is very fertile and very deep, often more than 12 feet. During WW II, freight trains transporting war supplies to the German armies deep into the Soviet Union, were ordered by Hitler to load the empty cars with topsoil from Ukraine on the return trip to Germany.

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