FOR THURSDAY: (8/16) Usually we can count on grains moving lower on Thursdays, and Wednesday’s failure is a reminder that this market is still a bit on the ropes. Weather is cooling and wetter and that will alleviate any late concerns about beans. Cattle recovered but unlikely we’ll stick around too much longer, as we had a cycle high here.
TODAY’S COMMENTS: (8/16) Market failed to issue the stronger buy signal or take out the max. 3-wave bounce and our stop survived. Beans need a print below of 869 to get pullbacks moving more dramatically lower. Anything above 885 and a move to 888-92 would develop. Bears aren’t out of the woods yet but the weak tone in US stocks in also not going to be helpful. Usually beans are lower on Thursdays and we have had a bias toward weaker action this week with a recovery on Friday. We would like to get out if we can by Thursday night or early Friday.
CYCLES OVERVIEW: Lower into Aug. 16- 17.
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