FOR TUESDAY: (1/09) Trade waiting on USDA report at the end of the week. Still, cycles are weak a few more days before short-covering starts. Cattle also seems in trouble for a few more days.
MARCH CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (1/9) Patterns suggest a bounce to 433 and 424 has held. That still would allow 447 or higher to manifest if new weather threats come. We do not like to be short wheat with threatening weather and will continue to stay out of it. Much above 435 and you need to go long. Might see 449.50 or 457 if we have weather problems next week.
NEAR TERM: The 450 region is possible in January but concerned about end of the year meltdowns.
CYCLES OVERVIEW: Lower into Jan. 9; higher into January 11.
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