FOR MONDAY: (10/23) Grains broke hard before weekend harvest and cycle lows are due on Sunday and the rest of next week is higher. Wheat close to key 423 support and corn close to 440.50, and beans should hold 972. Beans have the best chance of a new high if you have to buy. Cattle on feed report was negative.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (10/23) The weak close was a bit of a surprise but we did have a bias toward lower prices into Sunday and knew that harvest pressure and hedging could impact this market. Market should recover next week. Support at 340.75 into Sunday with first bounce target of 346.75. If bounces are weak, then hopes to sell 355 will be out the window. Market starting to project 333.75 after a weak bounce next week.
CYCLES OVERVIEW: Lower Sunday; recovering into Thursday or Friday.
