FOR WEDNESDAY: (12/14) Grains should hold up into Thursday but may not come down until after Dec. 20-21. For now we have to expect a lot of sideways trade and some bidding until 371 on March corn and 1070 on Jan. beans comes in. Cattle could be higher the rest of the week and hogs are often up on Wednesdays and haven’t fallen apart during the last few days of weakness.
JAN. SOYBEANS (electronic ok)
SWING TRADING RECOMMENDATION: Hold Jan. bean longs from 1032.75 a 1023 stop. Exit 1036.
TODAY’S COMMENTS: (12/14) Beans were the weaker part of the complex and not happy with their behavior. Max upside might be 1037 if we’re lucky. Worst downside is 1019. Not sure when and if 1053 will come in now. In the end, without higher prices—ideally closer to 1071-1074 or 1090—there’s no point in early sales. We bought Monday night and are ok with the market as long as it stays above 1021.
OVERALL: Should see max. 1090 on next push up into January cycle highs.
CYCLES OVERVIEW: Lower Wednesday; higher Thursday; higher into Dec. 21; lower into Dec. 23.
Comments are closed.