FOR TUESDAY: (3/21) While we were in early, our bearish orientation on the week is finally showing its colors and we feel good being short all week. Cattle continues to show signs of failing and we can jump into shorts and see how far they fall into Friday. Hogs are still too iffy to sell but should be lower.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (3/21) Support at 1007 and 1000 and market not likely to take out 1010 on rebounds if you’re not short and want to get in. The market missed a fill by 1 tick in the night session on Sunday hitting 1018.75. You could have easily done a cancel and replace to the market after being denied a fill and gotten 1018 because it happened between 7-8 pm CDT Sunday night. Not sure we’ll get back up there again and we do favor weaker prices this week. Next push down will go to 987 or 975 so jumping on a bounces will be important. Eventual spring low to 931-933.
SHORT-TERM: (3/13) Lower support is down to 971 basis May and 988 basis July has the most bearish patterns into late April and early May suggesting 933. Weekly chart recovery target may only be close to 1100.
CYCLES OVERVIEW: Lower into March 21; lower into March 24-26; higher into March 30-31.