FOR FRIDAY: (3/17) Cattle still very strong at least one more session so no hedges or sales can wait until Monday. Grains have had relatively weak bounces and we expect them to turn lower next week.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (3/17) We added more wheat and are fine with shorts as they are on schedule for price and pattern and timing from what we saw earlier in the week. Taking out 458 would be a yellow flag but so far the bounce has been healthy.
SHORT-TERM: (3/14) Daily chart support is at 435 with a 4th-wave bounce probably not taking out 451 or 456 and that would put spring lows down to 405. Dryness problems haven’t shown up in weekly crop ratings and world supplies have been abundant. Cycle lows dominate into March 25-26 and if we get a recovery after USDA, chances are it will be sold again. Look for 443 to hold with a bounce to 452 or 455 coming at publication. Five waves down on the daily chart projects 405.00.
CYCLES OVERVIEW: Higher into March 17; lower into March 20-21.
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