FOR MONDAY: (7/10) Trade waiting on USDA report for Wednesday but may not mean much if weather shifts. Usually by the 2nd week of July you have to be short corn. Beans hit minimum weekly chart target so we have to get some sold. Cycles look lower into Monday but then volatile on Tuesday and probably a recovery. Concerned about a wash-out and wheat had issued a sell signal already earlier in the week. Have to get some positions on market on open in case we have a waterfall day.
NOV. SOYBEANS (electronic ok)
TODAY’S COMMENTS: (7/10) We think a 4th wave is about to happen in beans with a push to 991 next or max. 977. Too early for a top which projects 1056. The minimum weekly chart target is in if the weather improves. Will sell now and then see what happens.
OVERALL: We did not get into Nov. beans on Wednesday night. Too hard to chase now as 1000 got hit. Wouldn’t want to see 980 come in now and anything under that would trigger a major sell. We still have a key weekly chart projection to 1018. We’ve seen so many years where this market starts falling out of bed on the first shift in the weather and that may start on Monday. Reason to use strength to get into Nov. puts.
WEEKLY CHART: Minimum target in at 1018. Higher target of 1056 possible given it’s a while before beans pod. Have to get some Nov. puts on.
CYCLES OVERVIEW: Lower Sunday/Monday; volatile/recovering Tuesday; lower Wednesday; lower Thursday/Friday; recovering July 17.
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