FOR WEDNESDAY: (2/28)) March grain first day notice should create some profit-taking there, and that’s why we can’t be long those contracts. Cattle should bounce 1 more day and hogs look terrible technically but may stabilize on Wednesday. End of the month fund profit-taking can distort patterns, cycles and technicals.
JULY CORN (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (2/28) We’re rolling to July corn, which is trading 16.25 cents above March. March is close to key resistance at 372, and some profit-taking may set in but not expecting much. Cycles for grains tend to spurt the 1st of the month; we may have to buy Wednesday night to get anything on, and not sure there will be a risk/reward. Cycle highs dominate into Thursday/Friday for grains.
CYCLES OVERVIEW: Lower into Wednesday; higher into Thursday; lower into Friday.
