FOR MONDAY: (7/23) Grains are getting a bit overbought now after being up 5 days and cycles turn weaker into Tuesday, and weather isn’t really friendly but too much rain in some areas isn’t welcome. Cattle on Feed report was neutral but the market was a bit overbought. Open to buying cattle by Tuesday if it holds up well on Monday.
SEPT. CHICAGO WHEAT
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/23) Our sell in the morning lost 7 cents and hit 519.75, as funds are still trigger happy this week. Favoring a pullback for a few days but harder to sell now. Pullback support only to 510.75 and 505. New highs to 533 seem unlikely this week.
CYCLES OVERVIEW: Topping Sunday; lower into Tuesday; higher into Wednesday.
