FOR TUESDAY: (10/9) There are more cycle lows than highs this week, and we do have Thursday’s USDA report, which looks like it will come in as a cycle low. Weekly reports are delayed until 3 pm Tuesday because of Columbus Day. Thinking that action may be too sickly this week to make money but we’re open to seeing grains hold up into Monday if they get through a down day for Thursday’s report. Usually safer to sell key number and pattern completions, which is 372 on Dec. corn.
NOV. SOYBEANS
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/9) Not much action but market is holding up. Thinking a lot of sideways congestion and will leave it alone for now. New high overnight to 874.75 is promising but a print of 877 would be stronger for a move to 887.50. Running out of time. The China situation remains dire, as they’re not taking beans and we’re coming into harvest pressure, and some will be hedging even if rains are there in some areas.
CYCLES OVERVIEW: Lower into Thursday.
