FOR MONDAY: (6/18) Will Chicago traders trade the experience of 90’s over the weekend or look ahead to a break in the weather mid-week? Markets are oversold and due for a 2-3-day bounce but then looks lower into June 25. Hogs may retrace a day but look higher much of next week, as does cattle.
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (6/18) Corn broke the key 360 area Thursday night but managed to close above it. Cycles suggest a bounce here for a few days before a move to 343. A 3-wave bounce projects 372 or max. 376. Not trusting this market but the worst may be over for a few days. If you’re still bearish, need to sell bounces to 372. We will keep some corn hedges. A pollination scare is going to be needed to save this market but eventually this should be a wet year and the crop should be fine. We’re going to switch to Dec. corn soon and it is 21.5 over so start watching it.
CYCLES OVERVIEW: Retracing higher into Monday/Tuesday/Wednesday; lower Thursday; mixed Friday; lower into June 25.
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