FOR FRIDAY: (11/9) Wild ranges on grains are not definitive for providing too many new clues. We see upward action for at least 1-2 days and we’ll see how they act. Some cycles point higher into next Friday. Data is mixed and we worry about seasonals, which are lower into Thanksgiving. Cattle and hogs need to be sold on strength but are still a bit too oversold although that may be remedied soon.
TODAY’S COMMENTS: (11/9) Wild ranges on Thursday between 379 and 366. We’re still ok being long until at least Friday and probably into next week. Upper patterns suggest that 388 still needs to come in.
WEEKLY CHART: Upper end of the USDA range is 400. We can easily see 388 come in by mid-November. Key weekly chart resistance at 388 and 400 and we almost have to considering dumping cash if we see 390-400 by any miracle, and seasonally we can sometimes put in highs into late January. Still working on 2019 growing season.
CYCLES OVERVIEW: Higher Friday.
Comments are closed.