FOR FRIDAY: Our cycle work has grains and cattle turning lower into Monday or even Wednesday of next week. Pray for the East coast with their latest storm. Too much suffering these past few winters for them. All of this will drive energy costs up which may eventually help farmers next summer.
MARCH SOYBEANS (electronic ok)
TODAY’S COMMENTS: (1/05) Bearish weather has turned in SA and if you want to get short beans you may need to chase. Ideal pattern at 974 is worth waiting for but forecasts will have to turn bullish. Rallies are likely to stall at 974 where we get daily chart retracement targets but a flush down to 938 is very likely. Daily chart pattern projects 889 but we can’t wrap our head around that happening for now. Given that wheat patterns look like new highs are coming, we will assume that beans will still hold up and will confirm but under pressure at least into Monday.
OVERALL: Daily chart pattern projects 889 but we can’t wrap our head around that happening for now.
CYCLES OVERVIEW: Lower into Jan. 8-9; higher into January 11.
