FOR THURSDAY: (1/18) Some minor weather supporting Argentine corn prices and it’s welcome, and wheat may get pulled up in the process. We originally had higher grains into Monday and will stick with that forecast. Cattle also looking good into Monday.
MARCH CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (1/18) Wheat rallied to the upper target and computer models give an 80% chance for a move to 409 now. Still, corn is moving higher and there are some weather concerns so we’ll defer to cycles and see where the market is into Monday. Not wanting to see 429 come out but worth a sale or scalpers. Cycles are somewhat positive but this market is bear and technicals and fundamentals are fading.
CYCLES OVERVIEW: Recovering into Jan. 22; lower into Jan. 24.
