FOR THURSDAY: (7/12) Another USDA report day and market is oversold but grain cycles look like we’re not done until 338 on Dec corn and 817 on Nov beans. Have to still sell rallies.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/12) Market not likely to take out 856 or 861 and may hit 821 if the trade tanks the market. At best, if the market holds key support at 847, a bounce to 893 could manifest but seems a long shot. Beans are rather unforgiving when you’re wrong on USDA report days, so hard to take a new position.
OVERALL: Daily chart target projecting 773 before it’s all done.
CYCLES OVERVIEW: Lower into July 12-13.