FOR MONDAY: (10/22) We failed to get into beans or corn but did get short wheat. Harder to chase with the market so oversold but not seeing anything to lift it up sharply. Talks with China at the G-20 are scheduled for Nov. 29, which is quite far away. Harvest pressure will take over with dry weather. Cattle on Feed report was mildly positive for back months. Cold storage comes out after the close on Monday.
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (10/22) Market went to very key minimum target, which was a 4th wave on the weekly chart. Much below 850 and we’re looking for a break all the way to 835. Support at 856 with bounces not likely to take out 864 or 868. Never can sell a major number so let’s see if we get a weak bounce but you may need to go for 864 if you want to get short.
CYCLES OVERVIEW: Lower into Oct. 22-23.
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