FOR TUESDAY: Grain cycles are complicated and USDA report on Thursday before the end of the week may lead to a lot of short-covering. Strong closes on Friday were from key pattern completions so minor pullbacks may lead to additional short-covering into Wednesday. We usually don’ like to play this congestive week before the report.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (3/27) Beans came off hard. The 1032 region should hold and be followed by a push up to 1060-1. The 29/30-day cycle is bearish for Tuesday and we need wildly positive news for that to happen, and not convinced. Will leave it alone. Tuesday or Wednesday night seems like a safer time.
CYCLES OVERVIEW: Lower Tuesday; short-covering Wednesday.
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