FOR TUESDAY: (3/6) We looked closely at grain cycles and could see grains holding up into Friday and higher pattern completions coming in. Cattle look lower for a few days and hogs look lower into Thursday.
JULY CORN (electronic ok)
TODAY’S COMMENTS: (3/6) No meaningful clues from quiet action. One more push higher will go to at least 397.75, with upper resistance at 401.75 unlikely but possible into the end of the week if the market doesn’t fall much the next few days. Daily chart patterns would suggest a minor fall to max. 389 or 386. Larger patterns project 413 and 422 into the spring but hard for us to get too excited. We have a bias toward a retracement from March 5 into March 12-13 but aren’t in a rush to sell, as this market has remained bid.
CYCLES OVERVIEW: Sideways Tuesday; higher into Thursday; lower Friday.
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