FOR MONDAY: (9/25) Happy Fall Equinox. Grains are tiring and we would think they will give into weekend harvest pressure. All cycles look lower for grains Monday/Tuesday and thinking we may get a strong move down from weekend harvest pressure. COF report was bearish and the market was overbought into it and leaning the wrong way so a correction into Thursday could easily happen. Cold storage was very friendly for frozen pork bellies and may allow a nice bounce in hogs this week.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (9/25) Continue to use strength the next day price to get in last minute hedges and cash needs before we start collapsing to harvest low. Resistance major at 355 and 358-9 would be a gift if it happens for adding.
OVERALL: (9/12) We should get another 30 cents lower after the USDA report from a secondary high by Sept. 19-20. That means the next target low is about 332. At some point in October we could have a 26-cent bounce before a final low. Major weekly chart support at 312 should hold.
CYCLES OVERVIEW: Lower Monday.
