FOR FRIDAY: (1/19) Some minor weather supporting Argentine corn prices and it’s welcome, and wheat may get pulled up in the process. We originally had higher grains into Monday and will stick with that forecast. Cattle also looking good into Monday.
MARCH CORN (electronic ok)
TODAY’S COMMENTS: (1/19) We’re open to 357 or 359 coming in by Monday if Argentine weather concerns accelerate the market. Gift for hedging and selling if it happens. Not putting orders in early.
NEAR TERM: On the next push down, the market may hit 338.50 if you’re patient. Trade will probably do short-covering into Friday and Monday.
OVERALL: Weekly chart trendline support is at 338 and that seems a natural place this market will go this winter. Computer models give a small chance for 320 but we’re dubious.
CYCLES OVERVIEW: Recovering into Jan. 22; lower into Jan. 24.
