FOR THURSDAY: (10/18) Running out of time for upward action and basically only Thursday and then could be lower into at least Tuesday or Wednesday of next week and probably even Friday. Exiting long grains and will get short on Friday. Cattle traders waiting on COF report after the close on Friday, and cattle should fall on Thursday and short-cover on Friday.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/18) Support at 876 and 872. Chance for new highs to 905 down to 32%. Usually Thursdays are lower at the board but market holding up well and may have one last spurt for a day-trade on Thursday. Not sure beans will be up for more than a day and so chances for 905 are waning quickly.
CYCLES OVERVIEW: Higher into Oct. 18; lower into Oct. 19; lower into Oct. 22.
Comments are closed.