FOR WEDNESDAY: (8/3) Still like the long side of meats for Wednesday and also grains for a counter-trend bounce. Macro data is centered on US employment numbers on Friday. Soybeans closed lower for the second day on Tuesday as weather forecasts show mild conditions the next two weeks and USDA late on Monday said corn and soybeans continue to do well and are quickly maturing. Wheat markets were pressured by the lower soybeans and by news that Japan and South Korea have temporarily restricted imports of certain classes of U.S. wheat after a GMO discovery in a Washington state field. Crude oil cycles are lower into Friday with cycle lows projecting 35.00 max. Not a good thing. The dog days continue!
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