FOR MONDAY: (9/24) We see harvest pressure hitting grains into Sunday-Tuesday, and someone is going to use this rally to empty their bins. Too early and too big of a crop to declare a major bottom. Cattle on Feed was as expected but dips should be bought, with higher prices the rest of the week. Hogs look higher the rest of the week, with Monday vulnerable, and we’ll wait there before chasing.

TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (9/24) Pullback should first go to 840 and 836 and could see 828 by Monday. Harvest pressure will hit and this rally came too quickly and is overdone. Market would be a buy into lows into Tuesday if they’re not too deep. Hard to sell with surprises every weekend so will wait until early Monday. Still could reach 866 for a 4th wave by Sept. 28 before new lows come in later in the fall.
WEEKLY CHART: Daily chart pattern to 777.50 still very possible by the end of harvest. Weekly chart project 720.75. No rush to be buying with harvest pressure and Chinese sanctions.
CYCLES OVERVIEW: Topping and lower Sunday/Monday into Tuesday; higher Wednesday; higher into Friday.

Comments are closed.