FOR MONDAY: (7/16) Only wheat held up on Friday, and beans and corn didn’t go high enough to let us in. Rains in the forecast suggest that these markets could be down hard so you may need to protect yourself early Sunday as 817-21 or 800 may quickly be in for Nov. beans and 340 for Dec. corn. Not sure what to do with erratic trading on meats and will leave them alone over the troubled weekend when China is like to suggest new retaliation measures.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/16) We missed getting hedges on by 3 cents on Thursday and not sure we’ll get another chance to get up there. Best sale may be at 839-840 if you’re lucky. Patterns point to at least 817-821 short-term, and a move to 800 seems inevitable if weather continues to look favorable. Pollination is happening earlier this year and the outlook seems good. Market evaporating and should quickly be at 817-821 and then we have to wonder if 800 won’t come in quickly. Depending on the Sunday night open, you may need to press it if you have needs.
OVERALL: Daily chart target projecting 773 before it’s all done.
CYCLES OVERVIEW: Lower Monday/Tuesday; higher Wednesday; higher into July 25.
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