FOR TUESDAY: (8/15) Warm and wet conditions in the forecast will help grains and the trade is working on complete the patterns that were not quite complete going into the weekend. Patterns look just about complete on grains but one more push down would set up a buy for week for traders. Cattle look lower this week but need a 1-2 day bounce to get better prices.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (8/15) Market bounced to resistance at 376.25 and is down in the night session a more bearish corn report. Ideally we would like to see 367 or 363.50. We would look to take partial profits at 367 and some more at 364 if it comes in but not too worried that this market will run away to the upside, and certainly not buying. Seems like short-covering could continue later in the week and we may take partial profits off in the morning.
CYCLES OVERVIEW: Recovering into Tuesday and possibly recovering into Aug. 20; lower into Aug. 22.
