FOR FRIDAY: (7/27) Cycles are bearish for grains on Friday and we think the bears will win but if weather changes over the weekend, they may come back. You often have to be short beans and corn into the last week of July when they trash them so glad we have something on. Cattle look lower 1 more day but may recover early next week if the meltdown isn’t bad.
SEPT. CHICAGO WHEAT
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/27) Wheat hit 553 overnight and reversed sharply, closing lower on the day. Need a print of 528 to issue a stronger and confirming sell signal but action was convincing. Support at 529.50 and 521.50. Market holding here has a 67% for new highs to 561 and 573. Hard to trade this one.
CYCLES OVERVIEW: Lower into Friday; recovering Sunday; lower into Monday/Tuesday.