FOR FRIDAY: (8/31) Not wanting to have much on before the long weekend. Grains are oversold and if lower targets come in, then a short-covering rally buy may set up before the USDA report the first few weeks of September. Also have to deal with Canadian stats out on Friday and also any surprises from Canadian negotiations around NAFTA.
TODAY’S COMMENTS: (8/31) Not much happening here. Closing above 360 would be helpful otherwise we see the market vulnerable to 353.00 and 348.50. We have hedges on and will most likely keep them until seasonal weakness is over in late September.
CYCLES OVERVIEW: Lower Friday.
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