Tech Guy Opening Calls & Comments 4/7/25

May Wheat - Steady

May Corn - 0.25 Higher to 0.50 Lower

May Soymeal - 0.10 Higher

May Beans - Steady

May Crude Oil continued selling off, and found support at 59.85, or about halfway in between the 2 stated support prices.

support - 59.90, 59.00, 57.25

resistance - 64.00, 67.20

May Soybeans marked the low about a nickel below the 981.00 support level, then rallied as much as about 17.50 low to high, before giving most of those gains back.

support - 978.00, 973.50

resistance - 997.50, 1015.00

May Corn marked it's low 3 ticks above the 456.50 support price, then rallied about 10.25 cents from low to high, closing up 4.25 cents for the session.

support - 461.00, 458.00

resistance - 467.50, 470.00

May SRW Wheat marked it's low 2.00 cents above the 524.00 support point, then rallied as much as 20.00 cents low to high. The high print for the day was 1.50 cents above the 545.00 resistance level.

support - 532.00, 527.00

resistance - 550.00, 563.50

May HRW Wheat marked it's low 3 ticks above the 553.00 support price, then rallied almost 19.00 cents low to high.

support - 553.50, 550.00

resistance - 570.00-573.00, 576.00, 582.00 - several small bumps to the left. Bumpy down = bumpy up.

May Spring Wheat marked it's low price 2 ticks above the 582.00 support level, then rallied 14.50 cents from low to high. The closing price was at the 594.00 resistance level to the tick.

support - 587.50, 584.00

resistance - 597.00-600.00, 610.00

The June S&P gapped down last night then trade filled the gap during the day, and found support at the top of the gap afterwards at about 5005-5010. This price action tells us that today was likely the low of this down leg. We don't know yet if after an up correction, another down leg will occur. The odds are probably against this scenario - The S&P came to within 25 bucks of testing the 2021 high, and within about 30 bucks of testing the uptrend line from the 2020 low!

Protecting Price:

When pricing new crop corn and beans during the growing season, you should always sell 100% of the bushels in the December corn or the November soybean contracts because as the new crop gets made, those contracts will go down more than the deferred contracts.

For more pertinent news and fundamental grain market information, sign-up for a 30 day, no cost, no obligation, no phone call subscription to Wright on the Market news sent to your email every day before you get out of bed. Click on "subscribe" at: https://www.wrightonthemarket.com/