FOR FRIDAY: (4/13) Going to go with longs on beans and corn if we can get good value. Will pass on wheat. Cattle took off and we can hold into Monday with weather over the weekend and the return to winter.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (4/13) Support at 492 held and the market took off but not as strong as other grain markets. We are wanting to buy this market with improving weather. Weather has been shifting so wondering if the weather trauma is over. Market needs to close under 485 to issue a sell signal, and it may not happen. We’re tempted to buy the gap area with a tight stop but will give the market another day.
CYCLES OVERVIEW: Lower into April 16-17.