FOR FRIDAY: (10/12) We got our oversold bounce on grains, as the report estimates came in not as badly as expected. Grains could hold up until Monday. Still, we’re going into a harvest weekend and rains are diminishing but how much can fields dry out? Some of the cycles point higher into Monday but we’ll wait for the morning to see what develops.
DEC CHICAGO WHEAT
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/12) Spike didn’t hold and we should see 505 or 501 quickly and then a recovery next week. Again, too oversold to chase but much under 499 and it would look dire. Daily charts starting to project 460.
CYCLES OVERVIEW: Recovering into Friday/Monday; lower Tuesday/Wednesday; higher into Oct. 18-19.