FOR THURSDAY: (11/30) We’re approaching month-end position squaring and grains are a bit oversold after the last few days but not sure the slide will stop until maybe Thursday. The 29/30 day cycles are weaker the next days but many of the other cycles are positive into Friday, and we often see a seasonal flurry of grain buying Dec. 1-5. Chances are we’ll have to buy this dip but we’ll be patient.
JAN. SOYBEANS (electronic ok)
TODAY’S COMMENTS: (11/30) Beans only managed 3 weak waves up and could and fall to 982.50 max. Thursday usually isn’t a great day to go higher and the 29/30 day cycles are still weak. Think funds will gobble a dip, and we may do so also as seasonal strength should hit Dec. 1st with fund buying.
OVERALL: Beans were down slightly overnight but not change to our thoughts to last light. Resistance at 1004.50 and more partial profits can come off there and not wanting 989 to come out. Looking for 1019-21.
CYCLES OVERVIEW: Sideways to lower and then higher on Friday.
