FOR FRIDAY: (6/1) Grain cycles look higher on Friday with lower action into Tuesday of next week. Downward patterns didn’t complete and we’ll hold shorts a few more days. Going to leave markets alone before the next wild weather report emerges – or not. First of the month fund buying should kick in and lift cattle for a few days but too hard to play after we got beat up on Thursday.
JULY SOYBEANS
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (6/1) Ideal pattern completion at 1009 or 1005 or 998 but it doesn’t have to happen if there’s some weather surprise over the weekend. Will go home flat, as this market is more likely to recover than the others.
CYCLES OVERVIEW: Short-covering Friday; lower into Tuesday; higher Wednesday.
