FOR THURSDAY: (9/7) Impact for Southeastern US harvest will push prices up into the USDA report so we can buy dips but have to pick your spots carefully. We missed getting into beans and they will be hard to chase now. Have to be patient chasing any grains. Cattle up at least one more day with struggling hogs up into Friday but also struggling a bit and cycles turn a bit weaker.
DEC. CORN (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (9/7) Resistance at 366 and 372. We didn’t put any orders in and the market is in worry mode. Three-wave rally starting to project 369. Not in a rush to buy without a decent pullback and it may be that if we see 369, it will come after the USDA report. Harder to chase on a Thursday but still looking higher.
OVERALL: (9/7) We should get another 30 cents lower after the USDA report from some congestion triangle patterns. That could be followed by another 30 cents lower. At some point in October we could have a 26-cent bounce before a final low. Major weekly chart support at 312 should hold.
CYCLES OVERVIEW: Recovering into Sept. 12.
