FOR MONDAY: (11/12) Concerns about China are weighing on ag markets, as their growth is faltering and the reality of the Chinese losses are clear in the USDA reports. Winter wheat is losing ground on more moisture, and early winter snows in some areas are supportive. We need to continue to sell rallies in hogs and cattle, as those markets look lower next week.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (11/12) Can’t ignore Thursday’s technical sell signal and need channel resistance at 883 to come out to show any signs of a deeper rally. Market may be a sale on Monday if it continues to fail. Rallying dollar isn’t going to help. Beans likely to fall to the 849-50 region at some point but not right away.
CYCLES OVERVIEW: Topping Monday.