FOR THURSDAY: (1/11) Trade waiting on USDA reports at the end of the week. Grain cycles look like short-covering will happen now and then next week looks higher for grains. Cattle also seems in trouble for a few more days into Friday or part of Monday. Hogs also in trouble into Monday.
MARCH CORN (electronic ok)
TODAY’S COMMENTS: (1/11) Running out of time for a move to 345 and chances are small enough so we exited Wednesday night and will stand aside. Looks like a recovery next week after the report but we’re not clear where it’s going but we often see seasonal strength into the 3rd week of January.
NEAR TERM: Not wanting to see 351 print or we won’t see 345 to take partial profits off. Market may hit 338.50 if you’re patient into Feb. Trade will probably do short-covering on Thursday and continue on Friday. Not thinking 345 will come out even if we get a bearish report.
OVERALL: Weekly chart trendline support is at 338 and that seems a natural place this market will go this winter. Computer models give a small chance for 320 but we’re dubious.
CYCLES OVERVIEW: Higher into January 11-12; lower Jan. 14; recovering into Jan. 22; lower into Jan. 24.
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