FOR WEDNESDAY: (3/14) We looked closely at grain cycles and the most bearish cycles ended last night and most of the cycles into Friday and next Sunday seem friendly. Patterns aren’t done to the downside with beans but definitely getting a bit late to push shorts, and they probably have bottomed already. Getting out of short grains and going long.
MAY FEEDER CATTLE (electronic session ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (3/14) Not enough of a recovery here but you would think they’ll follow live cattle higher. Resistance at 145.50 is minimum target. Small chance for 141.65 first. We will leave it alone but we do expect a recovery to Monday even if there’s a new low on the current move on Wednesday.
CYCLES OVERVIEW: Bottoming Wednesday; higher into Monday.
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