FOR TUESDAY: (8/14) While farm prices eroded on follow-through selling from USDA’s bearish corn and soybeans estimates Friday, stock values around the world fell on spreading concerns about the financial crisis in Turkey, where the lira made a new all-time low. Rains are headed to the southern Plains and Midwest over the next week as the weather outlook improves for finishing crops.
SEPT. CHICAGO WHEAT
TODAY’S COMMENTS: (8/14) First target of 533 came in if you want to take profits. Max bounce to 540.50 or 546.50 now and we can move stops down if you have any remaining shorts. Once wheat gives way, it gives us a 10-cent bounce at best. Major support is at 508 and 501. With the market down the rest of the week, wondering if something deeper is coming. We can still add hedges. Hard to think that the weekly chart can survive this bloodbath.
CYCLES OVERVIEW: Lower into Aug. 17.
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