FOR FRIDAY: (8/3) The 29-day cycle is usually weak for grains on Friday but without a deep break, we’ll be concerned about higher prices for Sunday/Monday. Wheat hasn’t finished upward patterns and corn hasn’t broken enough to discount 391.50. Sometimes the action is quiet before a weekend break. We may exit by the open of Sunday if the market can’t collapse on Friday.
TODAY’S COMMENTS: (8/3) Beans did issue a sell signal and we were able to get short on Thursday. Need a sharp break to confirm what we’re seeing. First major support if we get some meltdown would be 873.50. Because cycles look more lower than higher next week, we’re going to be cautious about confirming anything, as this market has a way of coming back from the dead.
OVERALL: We doubt that 945 will come in during the short-term and have to get something on but not sure we will be able to.
CYCLES OVERVIEW: Lower Friday; higher into Aug. 5-6; lower into Aug. 7; higher into Aug. 9-10.