FOR THURSDAY: (4/26) Grains are a bit overdone and we would expect prices to come off from highs into Thursday into early next week into Monday. Still, wheat might get a bit absurd despite no real news pushing it here. Cattle should pull back, and that pullback may last into Monday. Hogs are higher for a few days and in case they get wild, we should get something on.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (4/26) Beans went beyond the upper target of 1038-39. Not thinking that they’ll take out 1047-48 and not thinking that the upper target of 1064.50 has a chance. They have been sluggish compared to wheat. Will need a close above 1050 to issue a buy signal. Chances for our 1001 area are much less now. We’re inclined to sell but will evaluate overnight action first.
OVERALL: Weekly chart support comes in at 1001. If the market continues to get good news, we could easily see that into May.
CYCLES OVERVIEW: Higher Thursday.
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