FOR TUESDAY: (9/19) Grains are rather oversold going into the Monday night session and we have to give the market a chance to bounce on Tuesday into Tuesday night. Not likely to hit more ideal targets but not willing to chase without a bounce. We continue to focus on looking for recoveries to sell. Grains look lower this week so hedging and cash sales will be important on Tuesday/Tuesday night.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (9/19) Support at 349.50 with resistance at 353. Doubt that we’ll get up to 360-2 and we may have to start selling earlier.
OVERALL: (9/12) We should get another 30 cents lower after the USDA report from a secondary high by Sept. 19-20. 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: Recovering Tuesday; Lower into Friday.
