FOR MONDAY: (10/1) USDA’s quarterly stocks report was the main driver in grain markets on Friday, delivering mostly bearish news. Corn futures tumbled more than 2% by Friday’s close, with soybeans down more than 1%. The agency’s stock report had more bullish news for wheat, but those futures also ended around 0.5% lower amid some quarter-end liquidation. Grains look lower Monday and probably into part of Tuesday but may recover the rest of the week.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/1) Beans came down hard with key support at 837. They’re probably a buy by Tuesday at the latest looking for higher prices this week. Taking out 830 would be ugly. Not seeing it but probably not ready to buy early before harvest pressure. There was a pattern completion at Friday’s high so we wonder if it can be taken out on recoveries later into Friday.
CYCLES OVERVIEW: Lower Sunday and probably Monday/Tuesday; mostly higher into Friday.