FOR THURSDAY: (3/9) Grains were disappointing with continued profit-taking before the USDA on Thursday. If cattle complete downward patterns, we’re open to buying and hogs look weaker into early next week.
JULY CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold July corn longs from 380.25 with a 371 stop. Add at 376 with a 371 stop.
TODAY’S COMMENTS: (3/9) Not much change to what we’ve been saying. Will be patient about buying more corn for another day or until our buy comes in at 376.50. Patterns ideally would be more complete at 374 but would come in now with the USDA report.
WEEKLY CHART FUNDAMENTALS: (2/27) The seasonal trend for old crop is probably the biggest imperative right now. July futures typically top out in early March unless weather comes into play during the first half of the growing season.
