FOR THURSDAY: (6/29) Trade waiting on the USDA report and end of the month fund position squaring. Weather looks good going into the weekend and the 4th of July unless rain disappoints. Weather may warm up in July so not sure how much more we can hold shorts past July 5, as we could get a rally before pollination for corn which is due the July 2-3. Trade already gearing up for the holiday weekend.
SEPT. CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (6/29) Our patience has been rewarded as the market continues short-covering. The more bullish pattern might allow 484 before the market comes off again. That would probably have to happen by Friday. While we triggered a daily chart sell signal yesterday, we have to be patient.
CYCLES OVERVIEW: Topping and sideways; generally lower into Sunday night.
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