FOR TUESDAY: (5/9) Grain cycles are weak the next few days and much of next week so it’s hard to imagine anything that would push them up in a crazy way at the report. If we get short-covering, it may allow new sales or reentries as key numbers were triggered on Monday for a sale on beans and won’t not take much to do so on corn. Cattle are due for a 1-day bounce but look weaker into Friday now and hogs look lower on Tuesday and are getting too strong to sell now.

JULY SOYBEANS (electronic ok)
SWING TRADING RECOMMENDATION: Hold July bean shorts from 980 with a 978.50 stop. Take more partial profit at 961.50.
TODAY’S COMMENTS: (5/9) Market issued a sell signal but always good to bank partial profits before a report. Inclined to expect 948 before a bigger bounce. 969-70 would cap any short-covering rallies. Daily chart projecting 890 now.
FUNDAMENTALS: Weekly export inspections of 12.8 million bushels were down from a week and missed trade forecasts, but the drop occurred when high water last week halted navigation on the Mississippi River near St. Louis. The Coast Guard on Monday said navigation should resume there today. The CBOT has a force majeure on loadings on the Illinois River, because of high water and flooding.
CYCLES OVERVIEW: May 10 low; May 11-12 low.

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