FOR TUESDAY: (1/16) Forecasts call for below normal temps next week and oversold conditions for meats and grains should create recoveries into next Friday. Given bearish grain reports, hard to be too aggressive buying, and beans are too much off of their lows to have a good risk/reward so we’ll see how they come in on Tuesday morning. Wheat broke enough that we can’t think buy and will need a miracle to get up to 445-50 again. Corn likely to be dull.
MARCH SOYBEANS (electronic ok)
TODAY’S COMMENTS: (1/16) Market didn’t get down to key support at 941.50 or 938 abut bounced enough to confirm cycle highs and a recovery into next week. Beans could easily recover to 968.50 and 976 this week. Not sure we can count on more before 928 wants to come in. Not much hope from SA weather and at some point their crop will be made and this market will tank to 880 based on current patterns.
CYCLES OVERVIEW: Bottoming by Monday night/Tuesday; recovering into Jan. 22; lower into Jan. 24.
