FOR THURSDAY: (6/14) We have looked for a recovery into Monday but it may be in 3 waves. Not sure stocks numbers are good enough to negate excellent corn but oversold conditions will allow a bounce. Wheat retraced much more than makes us happy and beans are in a death spiral but closer to extended target of 923.
TODAY’S COMMENTS: (6/14) Beans project 923 and not sure why the will bounce unless China sanctions are a buy-the-fact or not as bad as expected. We’re open to a bounce into June 18 wonder if beans will eventually wash-out all the way down to 900 before we get even close to the summer and pollination problems.
OVERALL: When beans get killed in June they are very open to pollination problems and recoveries into late July or August. We are crunching cycles and numbers and will report soon.
CYCLES OVERVIEW: Bottoming and higher into Thursday; higher into June 18.