FOR THURSDAY: (9/14) Grains look lower on Thursday and we hope the downside isn’t too much to prevent a recovery on Friday or into Sunday night. All the grains looked like they did “b” wave retracements and we could still get C-waves up to 362-3 on Dec. corn or 450 on Dec wheat and beans could reach up to 985 or 995.00. We need a freeze threat or some other amazing news for it to happen.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (9/14) Key resistance at 360 will be hard to get through and we had targeted 358 as a weak rally target. Wheat should pull it up and the earliest we’ll sell again is probably by Sunday. The next sale may come on Friday but we have to look closely at next week, as we have to see if the market can hold up as late as Friday.
OVERALL: (9/12) We should get another 30 cents lower after the USDA report from a secondary high by Sept. 15 or 20. That could be followed by another 30 cents lower. At some point in October we could have a 26-cent bounce before a final low. Major weekly chart support at 312 should hold.
CYCLES OVERVIEW: Retracing lower Thursday; higher Friday; lower Sunday.