FOR THURSDAY: (11/9) Grains are oversold going into the report and patterns could allow 434 on Dec. wheat and pull corn up and beans are close to a key high. Seasonal pressure till Thanksgiving dominates so we have to use strength to get short. Market looks lower into Friday but then looks like it will bounce early next week. Usually these USDA wash-outs are so steep that the market just crawls out of a deep hole. Cattle and hogs look lower a few more days.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (11/9) Market at key support at 345 so should be too oversold to just breakdown. Still a small chance for 355-57 and if that comes in, we would have to sell. Not quite ready to sell a breakdown and that might start at a print of 339.
CYCLES OVERVIEW: Lower into Friday; recovering Monday/Tuesday.
