FOR MONDAY: (1/29) Waiting on weekend weather. If grains aren’t down hard on Sunday night or Monday, they should hold up into early Wednesday before month-end profit-taking will hit hard and a major cycle is due. COF report looks bearish with placements higher than expected and market is overbought going into it. Cold storage for bellies was also rather bearish and should impact hogs, which have weak cycles next week anyway.
MARCH CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (1/29) Market closed near a breakout level at 442. Acceleration would go to 456 if there’s wild weather, with support at 437. Cycles may be inverting so at this point we have to wait for cycle highs into Tuesday night or Wednesday before considering anything, and we have to deal with weekend weather.
CYCLES OVERVIEW: Key turn into Wednesday morning probably going to be a high at this point.
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