FOR FRIDAY: (7/20) Some key numbers hit for corn but more room for upside for wheat and beans. Cattle on Feed report on Friday should lead to a pullback but reaction into Tuesday’s high looks friendly.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/20) The more bullish pattern projects 867 or 871. Hedgers need 875-6 to start getting decent hedges. Not thinking it will fall apart right way. Not sure what the trade will do with cool and dry. Should keep it moderately firm.
OVERALL: The point-and-figure chart turned up, projecting 875-876 or max. 906 if the cool and dry situation continues. Cycle highs are due into July 25. Will need a lot more good news to get the market higher. We’ll wait for additional hedges until 875- 876 comes in.
CYCLES OVERVIEW: Higher into July 25.
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