FOR THURSDAY: (5/4) Grains are often lower on Thursdays so it’s hard to hold them when they underperform. Will wait until the morning and move stops up tightly to protect any profits but not sure we will get upper targets for grains that we had hoped for. Cattle continue to run away at limit up and cycle highs dominate into Friday. Hogs are coming into their own on seasonal strength and we have missed the boat there.
JULY CORN (electronic ok) start here.
SWING TRADING RECOMMENDATION: Hold July corn longs from 373.75 with a 369.50 stop. Exit partials at 376 and 378.75.
TODAY’S COMMENTS: (5/4) Corn held 370 but didn’t really accelerate more. We have to take partial profits and move stops up, as the chances for 385 this week seem remote. Trade already looking ahead to the USDA report on May 10. More cycle lows dominate overall now into the report and after the report that there’s reason to be bearish unless corn can quickly explode above 380 and that seems unlikely.
CYCLES OVERVIEW: May 5 low; May 7-8 low; May 10 low; May 11-12 low.
