FOR THURSDAY: (3/15) Grains continue to be whippy with Chinese trade fears and other craziness happening. Soybean prices saw a double-digit drop Wednesday amid expectations for a huge 2018 U.S. crop, and corn also trended lower, but wheat hung on for some small gains as traders contemplated export data, weather trends, South American crops and more.
JULY CORN (electronic ok)
TODAY’S COMMENTS: (3/15) Corn didn’t rally that much but got dragged lower by beans. Five waves up projects 405.50 and 407.25. Not happy with the close but it only fell in 3 waves and has to stay above 394. We originally had a bias toward lower prices on Thursday but should see higher prices into the weekend.
CYCLES OVERVIEW: Sideways to lower Thursday; higher into Friday.