FOR TUESDAY : (6/27) Not sure if wheat will pull the rest of the complex up but we would like to see lower grains before taking more profits off. We have to roll out of July soon and into Nov. beans and Dec. corn anyways and will pull some profits off so we can rollover.

JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (6/27) Reason to take more partial profits off at 901 and 895.50 if you have multiple shorts. Not sure we we’ll get it, as short-covering has happened. Taking out 921-22 would start to look a bit friendly for oversold conditions. If you have remaining shorts and want to position trade you may need stops at 931. Still, a meltdown to 878 might happen. Still a long summer and month before pollination so we’ll want to bank profits soon.
OVERALL: Daily chart suggesting 895 and if acreage increases, it’s possible that lower prices to 837.50 or 850 will come. If the market gets a weather scare at best a recovery to 968 might happen.
WEEKLY CHART: Given that the market is close to 895, key support, we wonder if a breakdown to 837 or 850 is likely before it’s done when hedging pressure enters.
CYCLES OVERVIEW: Short-covering into Wednesday.

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