FOR MONDAY: (1/22) Grains look a bit overbought with topping action due by Sunday night and then lower action into Wednesday. Seasonally, they often turn down after Jan. 20 but not sure ideal price patterns will come in. Meats also look like topping action will hit on Monday and be followed by lower prices into Wednesday.
MARCH CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (1/22) Wheat failed but we still have to see how it comes in on Sunday night before putting out orders. Probably will see 428 but a push through 431 would accelerate the market to 440 and set up some hedging. Can’t rule a breakout but not that excited to buy near major resistance.
CYCLES OVERVIEW: Recovering into Jan. 22; lower into Jan. 24.
