FOR MONDAY: (3/12) Technicals issued strong sell signals for wheat and beans although we had noted them earlier. If we get bounces, we can still sell as a larger pullback is likely to happen now. Cattle look higher on Monday on the technically strong close and hogs are unclear.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (3/12) Beans deep break project 1038.50 with a bounce staying at 1055 or 1061 at most. Major support at 1027. There are still patterns that might allow a secondary recovery but we are sensing that this market is due for a break into Tuesday and we can sell rallies but may not get much now as the wheels have come off. We ‘ve been reluctant to sell beans because of potential weekend weather–and if we get some, it will be a 4th wave and a chance to get short.
CYCLES OVERVIEW: Higher Sunday; lower into Tuesday.