FOR THURSDAY: (8/30) Not wanting to have much on before the long weekend so exit meats and continue to take profits on higher pushes on wheat. Unlikely to put much on before the long weekend. Grains are oversold and if lower targets come in, then a short-covering rally buy may set up before the USDA report the first few weeks of September. Also have to deal with Canadian stats out on Friday and also any surprises from Canadian negotiations around NAFTA.
NOV. SOYBEANS
TODAY’S COMMENTS: (8/30) Market hit 832 overnight and that area has held. Ideal pattern completion at 829.50 may not come but still could. Still too treacherous to buy and bounce is weak. Lower support to 825 and 811 could hit. Not into bottom-picking but harder to sell this late in the move.
