Tech Guy Opening Calls & Comments 4/9/25

May Wheat - Steady to 0.75 Higher

May Corn - Steady to 0.50 Lower

May Soymeal - 2.30 Higher

May Beans - Steady to 1.50 Lower

May Crude Oil rallied about 2.87 on the day and marked the high close to a buck above the top resistance at 61.90. Looks like a short term low is likely in place, similar to the S&P's low. There is some June S&P resistance between 5570-5600. Lets see if we can get through this, or is a larger pullback in order. Geopolitical energy driving these 2.

support - 60.27, 58.00

resistance - 63.00 - breakout, 64.98, 65.95

May Soybeans had a "breakout to the upside" day, and finished 19.75 higher for the trading session. It also closed above the 1010.00 resistance/target.

support - 1004.50, 1001.50, 987.50

resistance/targets - 1020.00-bottom of gap, 1028.50 gap closure

November Soybeans marked it's high 6.75 cents above the 995.00 resistance price. In fact, Novie closed 2.75 cents above the 995.00 resistance.

support - 994.50, 989.50, 985.50

resistance - 1001.75 - today's high, 1017.50, 1027.00, 1035.00 - last high to the left

May Corn marked it's high 2.50 cents below the 478.00 target, and closed 3.50 cents above the 470.00 breakout price.

support - 472.00, 465.50, 461.50

resistance - 478.00, 484.00, 496.50

May SRW Wheat marked it's high at the stated 546.00 resistance price, and the low 2.00 cents above the 534.00 support level.

support - 536.00, 532.00, 527.00

resistance - 546.00 - top of range, 550.00, 563.00

May HRW Wheat marked it's high 1.75 cents shy of the 574.50 resistance level, after rallying about 12.00 cents low to high. It closed directly at the lower stated 568.00 resistance mark.

support - 567.25, 564.50, 562.00 - lows to the left.

resistance - 572.50 - breakout above, 581.50, 596.00

May Spring Wheat continued it's up move, and marked the high at the stated resistance price of 610.00, after rallying almost a dime from 1 tick above the 600.00 support point.

support - 601.50-599.00, 596.00

resistance - 618.00, 624.00

Does spring wheat know, sort of like the saying "oats knows" with regard to corn?

Wasde:

On or about the tenth of every month the USDA issues its World Agricultural Supply & Demand Estimates (WASDE) Report. It is the cornerstone of information for agricultural markets for traders, investors, consumers and farmers navigating the complex world of agricultural markets. On its monthly World Agricultural Supply & Demand Estimates (WASDE) Report, the USDA compiles data from around the world, offering a global perspective on agricultural supply and demand dynamics.

The WASDE monthly projections change as weather, world political situations, and currency exchange rates change. The numbers are often wrong, but no other source is considered more accurate.

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/