FOR WEDNESDAY: (1/18) If we get a 1-day pullback on grains, they’re probably a buy and we’re open to being long cattle 1-2 more days and for buying hogs. Is SA weather a game changer? May be and will hold the market up into the end of the month.
MARCH CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (1/18) We exited wheat longs. Support at 430.50 and 428.50 and the chances for 447 are out there but not sure we’ll dip our toe back in just yet. If the market holds well, we may consider longs on Thursday.
OVERALL: Seasonals often peak by mid-January. Maybe the illusive 445-450 weekly chart target will come in because of winter weather. Would be a gift for hedgers. New concerns about low plantings for the spring are already out there.
CYCLES OVERVIEW: Retracing Wednesday; higher on Thursday.
