FOR THURSDAY: (7/26) $12 Billion in new farm aid to combat tariffs helped markets on Wednesday, and they’re higher overnight. Usually grains are lower on Thursday but we do have two opposing cycles into Friday. If the market holds up an extra day, Friday should be a climax and reversal. Cycles and patterns seem close but could overshoot on fund zeal but 384 on Dec. corn should be the max. fantasy and 907 on Nov. beans. Wheat is in a whole different world.
SEPT. CHICAGO WHEAT
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/26) Wheat soared through our upper resistance at 533-34 and hit 548 already in the night session. Market on steroids with support now at 534 and 525.50. Market not getting through 553 easily and 561-3 seems unlikely.
CYCLES OVERVIEW: Lower into Friday.
