FOR MONDAY: (4/23) Hard to get friendly toward grains. We saw Friday sharply down but didn’t chase and now we may get weak bounces for a few days. Beans have a weak cycle on Monday and aren’t the one to bottom pick. Cattle on Feed report was considered neutral, but numbers seem negative and a 1-day wash-out would be good.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (4/23) Beans held key support but the 29-day cycle is weak on Monday, and the market could fall to lower support, so we can’t rush in and buy. Three waves down projects 1037 but if that goes, a move to 1025 is possible. Market will have trouble taking out 1050-1. We do see a recovery this week, but it should be weak, and it will be hard to buy this market if 1030 comes out quickly by Monday.
OVERALL: Weekly chart support comes in at 1001. If the market continues to get good news, we could easily see that into May.
CYCLES OVERVIEW: Lower Monday; generally higher into April 25-26.
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