FOR WEDNESDAY: (8/23) Grains still in trouble, as corn keeps making new lows along with wheat. Spreading against long beans is preventing beans from breaking and support from oil is helping. Cattle up one more day but then we would exit before pre-COF position squaring enters. Cold storage report is friendly and worth a day trade buy for hogs but not sure how long we can stick around.
NOV. SOYBEANS (electronic ok)
TODAY’S COMMENTS: (8/23) We resold market on open on beans and didn’t pick up much. We have a bias toward lower prices into Friday and we might see 893.50 but we have to make sure that beans don’t breakout.
OVERALL: Lower support all the way down to 893 and possible if funds continue to ride this market on the short side. Getting overextended.
CYCLES OVERVIEW: Lower into Aug. 25.