FOR FRIDAY: (10/26) Not seeing any major energy for grains to bounce until early next week so we should stick with shorts for a few more days and if we get enough of a lead on shorts, we can hang on. Cattle and hogs look lower the next few days.
DEC CHICAGO WHEAT
TODAY’S COMMENTS: (10/26) Never got a bounce to 500 to get back in. Still weak on Friday. Support at 473 with bounces probably not taking out 493 or 498 if you want to get short. Daily chart patterns to 460 suggest we should get some hedges on and aren’t seeing too many bounce windows until after the end of the month. We may consider reselling wheat depending on morning bounce.
CYCLES OVERVIEW: Lower Friday; probably generally lower into Oct. 31.