FOR TUESDAY: (10/17) Corn and beans opened lower after the harvest report but still are open to a final buy on Tuesday if the market behaves overnight. Still seeing weaker cattle this week and higher hogs.
NOV. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/17) Beans broke hard on Monday but a setback was healthy. We may be buy in the morning if the market behaves overnight. Three-wave pullback is healthy with next resistance at 1007-08 and 1015. We hate trading up here but would expect it to continue higher at least one more day. Breaking about 1015 would project 1056. Last year, harvest lows came in early and we are starting to think that 956 may be the downside for November.
CYCLES OVERVIEW: Higher into Tuesday.
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