FOR MONDAY: (5/14) Grains are oversold and may open lower on Sunday but then recover in short-covering for 1-2 sessions. May still be lower into Wednesday for a wash-out low. Hogs and cattle look lower on Monday also but then should recover. We are open to buying meats on Monday for rallies into Wednesday.
JULY CORN (electronic ok)
TODAY’S COMMENTS: (5/14) Corn hit first profit objective. Second objective is at 395.50 and then at 391. Much under 390 and any hopes for divergent highs to 411 or 418 may be done. Market looks like it will recover for a few days but still could make new lows for the move into Wednesday.
We hedged 50% of July corn at 400.50 on April 30. Hedged another 25% of July corn at 403.
CYCLES OVERVIEW: Recovering Sunday/ Monday; lower Tuesday/Wednesday; higher into Friday; lower into May 22.
