FOR TUESDAY: (2/6) We completed cycle work and most cycles point lower for grains all of this week. Trade looking to Thursday’s USDA report, which is early on the month. Crude oils is issuing an early sell signal and coming off with US stocks and not a healthy event with spillover.
MARCH CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (2/6) Wheat could easily get back to 445-46. Small chance for a 5th-wave high to 463, and if it comes in it would be a sale. Too oversold to chase before crop conditions today but chances for a bounce from them probably needs to be sold.
CYCLES OVERVIEW: Lower into Tuesday; recovering Wednesday; lower into Friday.
