FOR WEDNESDAY: Grain cycles are complicated and USDA report on Thursday before the end of the week may lead to a lot of short-covering. Strong closes on Friday were from key pattern completions so minor pullbacks may lead to additional short-covering into Wednesday. We usually don’ like to play this congestive week before the report.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (3/28) Market hit 1029 in the night session. If it’s healthy in the morning and you want to gamble before the report, consider a buy for possibly 1061. Trading it will require placing orders in thin conditions on Thursday before Good Friday. Gamblers can nibble at 1030-1 but not sure we’re inspired to play.
CYCLES OVERVIEW: Short-covering Wednesday.