FOR MONDAY: (11/19) Cycles are mixed for the next few days with some bias toward lower action. Seasonal the market rallies before Thanksgiving and there is probably enough early winter weather to prevent any serious downward action. Weather should also support meats and they will be hard to sell now and holiday trade can get thin and we try not to trade much in the meat pits before the holidays. Any strong rallies on Mondays may quickly be taken back into Tuesday/Wednesday.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (11/19) Beans continue to hold up well and winter weather will be a positive for remaining unharvested beans. Upside patterns suggest 5 waves done in the 897-98 region, which means we have to be patient for a 2-day pullback into Tuesday if we want to buy. If the market takes off and takes out 906, it could reach up to 919 and 925 rather quickly. Market needs to take out 930 to really show muscle. It will all probably happen if China is successful on Dec. 1st. Upper target is 942 if they take off in early January. USDA is targeting the upper cash range at 985.
CYCLES OVERVIEW: Lower Sunday; higher Monday; lower into Tuesday; higher Wednesday into Friday and Nov. 25; higher into Nov. 27; lower into Nov. 30.
Comments are closed.