FOR THURSDAY: (6/7) Thursday and Friday could be lower, and patterns to the downside don’t look complete. Still, charts look terrible and the chances for new highs will depend on whether dry comes with hot; our forecast has been for above normal rains this year. The outlook the next few weeks is not supporting hot and dry yet. No rush to cover shorts on grains.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (6/7) Market continues to fail and went to lower support and 992.75 is very close. Much below 989 and a breakdown to 974.50 is possible. We had a bias for weakness on Thursday and possibly into Friday with the 30-day cycles and see no reason to bottom pick; hard to sell at a key number.
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