FOR TUESDAY: (8/22) Grains could bounce overnight from oversold conditions but in the end they seem lower into Friday and even if they’re oversold, they’re in trouble. Would resell beans if they stay under 950 in the early morning and corn is rather beaten up but wheat going to 391 might pull it lower. Cattle are higher on Tuesday but feeders would look better with one more push lower.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 388.50 with a 381.50 stop. Take partial profit 360.25. Take more partial profits off at 357.50.
TODAY’S COMMENTS: (8/22) The weaker crop number should allow more partial profits to come off at 360.25. We would continue to take more off at 357.50. Not seeing this market taking out 376.00 and not sure what will get it up there. Big cycle turn on Monday but wondering if it will be a bounce high and then lower prices into the Aug. 25–and that’s how it looks now.
CYCLES OVERVIEW: Recovering Monday night into early Tuesday; lower into Aug. 25.
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