FOR THURSDAY: (3/2) Thinking grains will back off on Thursday but hold up on Friday. Cattle look lower for a few days and any deep pullbacks will lead to a breakdown. Hogs should complete a 3-wave rally into Thursday/Friday and set up a sale for next week.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (3/2) Double-top at 1064 could be followed by a pullback to 1035. We’re open to a Thursday setback and cycles are wild overall so we’ll be patient. We’re seasonally positive with a chance for a dry spell in June so long-term call may work. We would have liked to have seen March at 995 but not sure we’ll get a decent pullback.
CYCLES OVERVIEW: Lower Thursday; higher Friday.
