FOR THURSDAY: (9/20) We had grains recovering on Wednesday but think it may be a 1-day shot. Grains are often lower on Thursdays and beans need to take out 836 to trigger a daily chart reversal. Action on Wednesday was promising but too early to signal a seasonal bottom. Corn still would look better at 340 or 336.50 and 801 for Nov. beans, and wheat will get dragged along. Too dangerous to buy. Some rains in the Midwest will delay harvest but not enough to prevent farmers from emptying their bins. Hogs may be too overbought to go much farther if 6100 comes in on October. Cattle aren’t coming off much but cycles suggest they should. Ideal sales there from higher levels, which we probably won’t see until Thursday.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (9/20) Not into buying here. Lower support to 340 and 336.50. Buying is very countertrend and not finding too many cycles too pull this out but short-covering could develop from lows on Wednesday for a day. Wondering if we will get to 330-2 by the time harvest is complete.
CYCLES OVERVIEW: Lower into Thursday.