FOR MONDAY: (2/5) We completed cycle work and most cycles point lower for grains all of next week. We’re dealing with weather and it can shift a lot over the weekend. At the moment the bean bears are looking to rains coming in after a dry spell ends. The wheat bears also see more rain coming after another dry spell. Hogs look higher next week and had a convincing reversal. Cattle look lower next week but Monday is a transition day.
MARCH CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (2/5) This is a weather market so if forecasts stay wetter longer-term and don’t change over the weekend, the market could break but will need to take out 434 to issue a stronger sell signal. Chances for 468 down to 58% for a 5th wave. Not gambling with the weather. Grain cycles overall are weak next week.
CYCLES OVERVIEW: Lower into Monday/Tuesday; recovering Wednesday; lower into Friday.
