FOR THURSDAY: (8/2) After the close, Trump gave a one-week extension to China on more tariffs and wondering if that will allow a bit of a relief rally for beans overnight. If we are to sell more beans overnight, we have to wait and see what develops. They just missed the major breakdown point of 897. Doubt that corn will get to 391 and wheat is its own weather market. Getting really tired of trade war news with China and its jerky connection to grains.
NOV. SOYBEANS
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (8/2) The after-market Trump news may allow a secondary bounce to 914-17, and we didn’t hit a sell signal at 897. Will see what bounces happen overnight and consider sales on Thursday. We’re skeptical that 945 will come in during the short-term and have to get something on but not sure we will be able to.
CYCLES OVERVIEW: Lower into Thursday; lower Friday; higher into Aug. 5-6; lower into Aug. 7; higher into Aug. 9-10.
