FOR THURSDAY: We had noted that the last 3 years we did not get an August grain bounce and even with the best cycles nothing could happen today. Looking more bearish for Thursday but no risk/reward on new sales. Only beans managed to bounce off of key support at 921. Wheat starting to project 405 and will pull corn to 359.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 388.50 with a 381.50 stop. Take partial profit 360.25.
TODAY’S COMMENTS: (8/17) We‘ve been taking partial profits at 364. Latest projection is to 359.25. No end in sight. Could see 357 if prices keep eroding. Market will have trouble taking out 376 on bounces and they’re not coming when cycles have been friendly.
CYCLES OVERVIEW: Lower into Aug. 22.