FOR TUESDAY: (5/1) Wheat prices saw some contracts up double digits on drought concerns for some winter wheat production and planting delays for some spring wheat production. Wheat and beans opened higher in the Monday night session, with wheat having the strongest gains. Have to sell the pattern completion on wheat in the 519-20 region. Beans are too oversold to chase and we’ll leave them alone.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (5/1) Beans came off too sharply on Monday. Much below 1045 and the market is toast but computer models would give a 73% chance for a slight new high to 1069.50 but we’re skeptical. Daily stochastic did turn up. Will evaluate in the morning. No place to put a stop for shorts. Though markets in China are closed until Wednesday, the vegetable oil market was mixed today.
CYCLES OVERVIEW: Secondary high by Monday night; lower into Tuesday. Next key swing low into May 7.
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