FOR MONDAY: (2/12) Grain cycles look lower into Tuesday. We think markets are overdone and due for some kind of correction for at least 2-3 days but if the move isn’t impulsive, we’ll have to get out and expect a recovery to new highs for wheat, and corn may get dragged along. Cattle should have short-covering next week.
MARCH CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (2/12) Wheat taking out 450 on a closing basis is modestly bearish but it will still take a print of 439 to turn the market solidly lower. Cycles are weaker into Monday but weather can shift on a dime here so we’ll have to watch it closely. If weather comes back, still a small chance for 478 and 483.
CYCLES OVERVIEW: Lower into Monday; recovering Tuesday and part of Wednesday; lower into Thursday; higher into Friday.
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