FOR WEDNESDAY: (6/20) Chart action suggests the start of a climax, as fundamental value was hit and exceeded. Some key numbers were hit and big bounces off the lows happened. Grains look higher on Wednesday but secondary lows are likely into Monday and then short-covering before USDA stocks report next week.
TODAY’S COMMENTS: (6/20) Corn bounced off of the lower projection to 338.50 over 20 cents, signaling a temporary bottom and a 3-wave bounce to 360 or 368. Market still not out of the woods for eventual move to 320 or 310 but it has hit fundamental value based on the last USDA report. We originally had a bounce into Wednesday and lower prices into Monday so if there is a sale, we need to wait a bit. The commercial buying vultures are circling value.
CYCLES OVERVIEW: Retracing higher Wednesday; lower Thursday; mixed Friday; lower into June 25.
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