FOR FRIDAY: (2/9) Grain cycles look lower into Tuesday, with Friday having the best chance of a move up if weather changes. We think markets are overdone and due for some kind of correction for at least 2-3 days–but if it’s not impulsive, we’ll have to get out and expect a recovery to new highs for wheat, and corn may get dragged. Cattle should be lower at least one more day before short-covering hits early next week.
MARCH CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (2/9) Wheat continuing to fail but held minimum support at 451. If weather comes back, still a small chance for 478 and 483. Forecasts show a little more precipitation working into the southern Plains over the next week, though totals are still light. The outlook for the second week of the forecast is mixed with models conflicting.
CYCLES OVERVIEW: Lower Friday; lower into Sunday/Monday/Tuesday.
