FOR THURSDAY: (9/13) Wondering when the trade will start worrying about crop loss in South. May be soon. Probably can’t press grain shorts until we get an overreaction to the upside now and grains are very oversold. Hogs finally getting a reality check that we could be repeating 1999 again.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (9/13) The spike lower may be hard to overcome. Retracements overnight project 357 but we sense that the reality of lost South crops will start impacting the trade into Monday, and we’re not going to sell down here. May see 346 if we get one more new low and might pull some hedges off if it happens.
CYCLES OVERVIEW: Bottoming/higher Thursday; higher Friday.
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