FOR THURSDAY: (10/19) We’re looking for a rebound on grains on Thursday and they have held key numbers discussed in the morning. Cattle may start short-covering before the Cattle on Feed Report due out on Friday. Hogs are crazy but may be up one more day. We still have to complete cycle research on the grain and meat complex for the next month as we move toward completing our monthly magazine newsletter.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (10/19) The 348 region should hold today and the market looks higher on Thursday, and we’re in no rush to sell this market without much higher numbers. Slow markets don’t make for good trading here.
OVERALL: The most bullish case for corn would allow a 3-wave rally up to 374-6 but that’s expecting too much. Eventually harvest pressure will do this market in as seasonal lows come in Thanksgiving. Cycles are higher much of next week and the daily chart patterns could go back up to 355-60 before the market turns lower again. We should get out on any harvest pressure over the weekend rather than ride this market up for a week with a drawdown.
CYCLES OVERVIEW: Higher Thursday.