FOR WEDNESDAY: (3/7) We looked closely at grain cycles and could see grains holding up into Friday and higher pattern completions coming in. Cattle look lower for a few days and hogs look lower into Thursday. USDA report on Thursday may create sideways action position squaring now. Wild spillover from Financial markets likely also.
JULY CORN (electronic ok)
TODAY’S COMMENTS: (3/7) Not sure there’s reason to do anything before USDA on Thursday. One more push higher will go to at least 397.75 with upper resistance at 401.75 unlikely but possible into the end of the week if the market doesn’t fall much. Daily chart patterns would suggest a minor fall to max. 389 or 386 once upper targets come. Larger patterns project 413 and 422 into the spring but hard to get too excited.
CYCLES OVERVIEW: Higher into Thursday; lower Friday.
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