FOR WEDNESDAY: (10/10) There are more cycle lows than highs this week, and we do have Thursday’s USDA report, which looks like it will come in as a cycle low. Usually safer to sell key number and pattern completions, which is 372 on Dec. corn. Not sure we’ll get it. Cattle still in trouble, as are hogs.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/10) Congestion between 851-870 likely to continue. Thinking a lot of sideways congestion and will leave it alone for now. Chances of a breakout are small but we do get surprises at USDA reports. We have had a bias for a negative reaction to the report. Running out of time. If market does get oversold by Thursday, it may rebound into Monday. The China situation remains dire, as they’re not taking beans and we’re coming into harvest pressure, and some will be hedging even if rains are there in some areas.
CYCLES OVERVIEW: Lower into Thursday.
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