FOR MONDAY: (3/5) We have a bias for topping grains over the next session and lower action into March 12-13. We do sense that they are very overdone and any shift in bullish weather will lead to massive selling, so be careful. Hogs look lower next week but Monday could be higher and cattle may recover a day and turn lower into Wednesday of next week.
JULY CORN (electronic ok)
TODAY’S COMMENTS: (3/5) One more push higher will go to at least 397.75 with upper resistance at 401.75 unlikely. Daily chart patterns would suggest a minor fall to max. 389 or 386. Larger patterns project 413 and 422 into the spring but hard to get too excited. We have a bias toward a retracement from March 5- into March 12-13 but aren’t in a rush to sell as this market has remained bid.
CYCLES OVERVIEW: Topping Sunday/Monday.