FOR FRIDAY: (11/25) We’re looking for grains to start lower on Friday and continue into early next week. We’re open to selling if the right prices and pattern completions happen and exiting by Nov. 30. Hogs have one more day up and then are lower next week. Cattle should start lower for at the next 2 weeks east and possibly the whole month.
MARCH CORN (electronic ok)
SWING TRADING RECOMMENDATION: Sell March corn market on open with a 366.50 stop.
TODAY’S COMMENTS: (11/25) We’re rolling to the March contract, which is trading about 8 cents over Dec. Market looks lower on Friday and into next week and light short is warranted. Breakout on Nov. 18 lessens the chances for new lows, with March having key resistance at 360.00. Above there and a breakout to 364 downtrending channel resistance would likely happen. Seasonally the market is often higher the week before Thanksgiving but cycles suggest a pullback into the end of the month on Nov. 30. Would still expect end of the month profit-taking next week starting Tuesday. Seasonal lows are in but market is still often seasonally under pressure later. This crop is still huge and higher prices will attract more selling so be patient.
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