FOR TUESDAY: (10/23) The 29/30-day cycles are lower the next few days so we can still be selling grains but beans continue to hold a very key area at 855-56 and corn above 363 are healthy. Cattle on Feed report was supportive for back months and cold storage is mixed and not sure how the trade will react to it.
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (10/23) Have to be patient here and see where it is in the morning. Market went to very key minimum target, which was a 4th wave on the weekly chart. Much below 850 and we’re looking for a break all the way to 835. Support at 856 with bounces not likely to take out 864 or 868. Never can sell a major number so let’s see if we get a weak bounce but you may need to go for 864 or 868 if you want to get short.
CYCLES OVERVIEW: Lower into Oct. 23.