FOR FRIDAY: (4/27) The 29-day cycle is weak for grains and we favor lower prices into Sunday and maybe Monday. Cattle should bounce and didn’t fall much on Thursday, and hogs may hold and bounce a few days but are in trouble. Month end-position squaring by funds will distort things into Monday.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (4/27) Market completed 3 waves down and has a 67% chance for 506.75. Not something that we would buy but need a print of 484 to turn the market lower. Cycles would suggest a deeper break is very possible and we won’t buy until May 1. Sesasonals often turn lower by the 2nd week of May so time is running out for the bulls.
OVERALL: Three waves down projects 460. Weekly chart support goes down to 430 and that could be an easy harvest target. Seasonals are running out of time and if we manage a rally the next few weeks, it probably needs to be sold.
CYCLES OVERVIEW: Topping and lower Friday into Sunday.
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