FOR MONDAY: (4/30) Friday’s spurt on grains wasn’t shocking and we had suggested taking profits on short beans. Patterns had suggested that wheat needed new highs, and it appears that has a good chance. We would think that month-end profit-taking could hit on Monday and we’re not inclined to chase. We feel better about higher prices for early Tuesday but wonder if that may be it, as corn and wheat are very close to pattern completions. Buy pullbacks on cattle for Monday and should see higher prices into Wednesday.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (4/30) The first two profit objectives for beans hit at 1035 and 1031 and we assume you got out and the market roared back. We had not liked the lack of impulsive energy on the way down on Thursday but we weren’t willing to buy. Patterns suggest hitting 1060 and pulling back to 1051 or 1047. The more bullish pattern would allow 1080-1 to come in quickly. If we are to buy, we will wait until Monday night.
CYCLES OVERVIEW: Generally lower into Sunday night and Monday.
