FOR THURSDAY: (9/21) Running out of time to get higher grain prices although finally got short wheat and beans.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 353 with a 363.50 stop. Add more market on open in the Thursday day session with a 363.50 stop.
TODAY’S COMMENTS: (9/21) Support at 349.50 and resistance at 352.25 and 353.25. We got some shorts and will add more shorts in the morning. Once 342 comes out, this market is in trouble. Fall target could be 312 before it’s all done.
OVERALL: (9/12) We should get another 30 cents lower after the USDA report from a secondary high by Sept. 19-20. That means the next target low is about 332 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: Lower into Friday.
