FOR MONDAY: (3/20) There’s a bearish cycle for meats and grains from Monday into March 25. The issue will be how much more they go up Sunday/Monday before turning. Will feel better selling more of a confirmed reversal rather than top-picking but the end of this run seems near.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (3/20) Market couldn’t even get up to 1019 to give us a decent risk/reward and hard to chase at the bottom of the range. Not sure what will get this market up here before the long weekend. Next push down will go to 987 or 975 so jumping on a bounce the next few days will be important seasonals often turn lower in March after the USDA and with SA pressures. Eventual spring low to 931-933.
SHORT-TERM: (3/13) Lower support is down to 971 basis May and 988 basis July has the most bearish patterns into late April and early May suggesting 933. Weekly chart recovery target may only be close to 1100.
CYCLES OVERVIEW: Lower into March 20-21.
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