FOR MONDAY: (4/3) Short-covering on corn likely to continue at least one more day and maybe two and that should pull beans up. Not interested in buying wheat but it will be a sale if 452.75 comes in. Cattle due for short-covering on Monday and hogs seem up into Wednesday.
JULY CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (4/3) While we were stopped out in profits, the market didn’t exactly close wildly better. Tagging along with corn was probably the major motivation. Our exit missed by 4 ticks and we have to consider it temporarily done. Most likely bounce target is 452.75 before the market starts down again. Not sure I like it enough to be a buyer unless we see 428. Will leave it alone. May hit key support at 419, which July will eventually go to.
SHORT-TERM: (3/14) Daily chart support is at 427 and 419. Spring low could be down to 405. Dryness problems haven’t shown up in weekly crop ratings and world supplies have been abundant.
CYCLES OVERVIEW: Higher into Monday; lower into Thursday; higher into Friday.
