FOR WEDNESDAY: (11/29) We’re approaching month-end position squaring and grains are a bit oversold after the last few days but not sure the slide will stop until maybe Thursday. The 29/30 day cycles are weaker the next days but many of the other cycles are positive into Friday, and we often see a seasonal flurry of grain buying Dec. 1-5. Chances are we’ll have to buy this dip but we’ll be patient.
MARCH CORN (electronic ok)
TODAY’S COMMENTS: (11/29) If you didn’t buy March corn and are still interested, watch 348.50. Market got close to there. Wednesday are often higher and we’ve been counting on the cycle at the end of the week and Dec. 1st seasonal buying to pull this market out of the abyss. Dec. finally got within ½ cent of 336, which had never come in a ways back and had been on our radar. There’s some minor pattern completion there. Still, we may be early for the seasonal thrust that usually hits strongly Dec. 1-5 and you can be patient. The weak close has to have us patient as we go into month-end position squaring the next few days.
CYCLES OVERVIEW: Sideways to lower and then higher on Friday.
