FOR WEDNESDAY: (11/8) Pre-report congestion may take over the market. Will we have to wait until the report to squeeze out pattern completion to 1003 on beans? Cycles turn weak toward the end of the week and we won’t wait around. May be tough choppy trade here and we may have to step aside until it settles. Oct/Nov. grain trading can be rather boring but inevitably the final push lower to harvest usually comes after the USDA report. We do have to get prepared for last hedges and spec sales this week on grains.
JAN. SOYBEANS (electronic ok)
TODAY’S COMMENTS: (11/8) Not sure we’re willing to wait for 1002-3 but China news might even get the market higher to 1010. That’s why we can’t be selling. Keep an eye on markets today, as China has just pledged to import more U.S. soybeans during President Donald Trump’s Beijing visit earlier this week, according to one U.S. industry official. Chinese soybean buyers could sign a letter of intent with the U.S. Soybean Export Council committing to an as-now-undisclosed amount of U.S. soybeans.
CYCLES OVERVIEW: Topping Wednesday; lower into Friday.