FOR WEDNESDAY: (10/11): Trade waiting on the USDA report Thursday. Could see quiet ranges but should see another day up in hogs and cattle and congestion higher for beans.
DEC. CORN (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (10/11) We exited corn about breakeven, as we have a bias toward higher prices the next few days into the report. Still seeing a tight range between 344-351 and this market is as exciting as watching paint dry. Barge rates were significantly higher last week due to Ohio River lock malfunctions and generally lower water levels, which have been partly replenished from a round of rains in the Midwest late last week and through the weekend. Elevator bids were mostly steady.
OVERALL: Eventually harvest pressure will do this market in as seasonal lows come in Thanksgiving. We still could even get down to 312 based on weekly and daily chart patterns. Cycles are higher much of next week and the daily chart patterns could go back up to 367 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: Recovering into Wednesday.
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