FOR TUESDAY: (1/10) Grains look like they will be in trouble into Wednesday. Cattle may retrace a day but they held well and seasonals and weather look supportive. Hogs may tag along and we won’t push shorts anymore until maybe Thursday if rallies are sickly the next few days. USDA report on Thursday may create more congestive ranges. We favor upward movement for a few days after the report.
MARCH SOYBEANS (electronic ok)
TODAY’S COMMENTS: (1/10) Three-wave bounce projects 1009.50 and channel resistance is also up there and something is wrong if 1016 comes out. We’re open to selling for a few days to see if 989 can come out and lead to 977-8 but congestion wouldn’t be surprising.
OVERALL: With projected ending stocks on Aug. 31, 2018 projected around 400 million bushels, new crop could still have some upside, unless acreage estimates grow, or the money folks decide to pack up and go.
CYCLES OVERVIEW: Lower into January 11; higher Jan. 12-14; lower into Jan 17.
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