FOR WEDNESDAY: (10/17) Not liking cycles for grains on Wednesday but Thursday looks higher. Still, grains could turn around mid-day so it will be tricky, and not sure how much we want to chase. Upper targets for corn at 388 and for beans 905 and for wheat 536-540 before we can sell the pattern completion and get some harvest pullbacks to 368 on corn and 858 on beans. Cycles for hogs and cattle are mixed this week but too oversold to be selling on a 1-day bounce.
NOV. SOYBEANS
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/17) Support at 876 and 872. Chance for new highs to 905 down to 32%. If the market holds up well on Wednesday, we may nibble on longs. Resistance at 893 and support at 876 and 872. With some cycle highs into Oct. 18-19, we may get 905 before a pullback to 858 at most.
CYCLES OVERVIEW: Bottoming Wednesday; higher into Oct. 18-19.
