FOR THURSDAY: (12/29) Thin market conditions are not making for fun trade and we might normally just sit back but there were some clear patterns and cycles, and we still think that is the case. We will go with higher grains into Friday and then lower next week and still looking for pullbacks on cattle the next few days and rallies on hogs.
MARCH CHICAGO WHEAT (electronic ok)
SWING TRADING RECOMMENDATION: Hold March Chicago wheat longs from 406.25 with 397.50 stop.
TODAY’S COMMENTS: (12/29) Three waves up would project 419 with at least 414.75 coming We should come out with profits and something is really wrong if our stops come up.
OVERALL: The 90-day forecast for Kansas looks warmer and drier than normal which may stress the crop a bit. Still, long-term forecasts can change on a dime. Latest concerns are for a cold snap but it may be more of a contrast than anything threatening.
CYCLES OVERVIEW: Recovering higher into Jan. 3.
