FOR FRIDAY: (9/1) Dealing with month-end profit-taking, position squaring and pre-Labor Day position squaring. Lower pattern completions on grains should be over by Tuesday to 918 on Nov. beans and 338 on Dec. corn. Not seeing any huge reason to buy but that could change by Tuesday night.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 388.50 with a 362.50 stop. Take more partial profits off at 342.50.
TODAY’S COMMENTS: (9/1) Market hit minimum target. A fall to 338-340 could happen by Tuesday but pre-weekend short-covering may create boring trade. At best we may see a 14-cent rally from Sept. 5-12.
OVERALL: (8/29) Grains are still potentially in trouble into the day after Labor Day. Patterns look like we could have a 14-cent bounce at some point between Sept. 5-12. That could be followed by another 30 cents lower. At some point in October we could have a 26-cent bounce before a final low. Major weekly chart support at 312 should hold.
