FOR FRIDAY: (4/20) Friday is the weakest day of the week for grains but beans just about have put in a pattern completion and only wheat is overbought enough to sell. We see higher grains early next week and most of next week and so sales on Friday may be day-trades. Trade waiting on the COF report, and we took profits on cattle.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (4/20) Tempted to sell but 3-wave pattern up could go to 502-5 early next week if there’s not much downside action on Friday. Will leave it alone. Daily chart patterns suggest the best new sales will be from the 503-4 region.
CYCLES OVERVIEW: Lower Friday; possibly higher into April 25.
