FOR FRIDAY: (3/23) Mixed cycles into Friday. The 29/30-day cycles are friendly for grains, and logic says short-covering will hit cattle before COF on Friday. That makes most sense to us. There is a bearish cycle that peaks into late Friday but could lead to some more downward action, but we’re going to favor some optimism and short-covering for at least 1-1.5 days.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (3/23) Beans held up well despite China news. Cycles are mixed but starting to think that the best we may see is 1048-49. Much below 1030 and the market is vulnerable to the original target of 1018. Today’s key turn came in as a double-bottom so we may see a recovery on Friday–and if we are too see a drop, it may start Sunday/Monday.
CYCLES OVERVIEW: Mixed into Friday.
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