FOR FRIDAY: (6/22) Corn is the most vulnerable to the upside because of pollination, and that is starting to issue a buy signal. Wet weather is starting to reduce yields. Getting closer to Cattle on Feed for Friday, and that can get dicey. We hope we get enough downward momentum to make money on our shorts.
TODAY’S COMMENTS: (6/22) I never think warm and wet forecasts can help this market, and although it has held up well overnight, it will have trouble getting through 360 and 363. Could see a 3-wave rally to 368, and that could set up a sale next week. Beans offer better fundamentals. We’re going to have to roll to the Dec contract within a few days, and Dec. is 22 cents over July. We have suggested some hedges at 382 on December and more could be done at 389.
CYCLES OVERVIEW: Mixed Friday; lower into June 25.
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