FOR TUESDAY: (10/10): Trade waiting on crop conditions after the Columbus Day holiday. Grains came off a bit. Not too much to add to this morning’s comments. Could see quiet ranges but should see a 2-day recovery in hogs and cattle and congestion higher for beans.
DEC. CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/10) Market running out of time to break to 431 but still has time to do so. Still, without a recovery to 450 next week, we have not great risk/reward to chase here and will leave it alone today. Soil moisture levels are forecast to improve further through October 16 in areas that include Oklahoma, western Kansas, Nebraska, eastern South Dakota, western Iowa, Minnesota and Wisconsin.
CYCLES OVERVIEW: Recovering Tuesday/Wednesday.
