FOR TUESDAY: (5/8) Cycles are mixed into the end of the week but more inclined to expect a negative report reaction. Market is oversold from Monday so Turnaround Tuesday should give us a chance to get short if you want to risk it into the report.
JULY CORN (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (5/8) Daily stochastics curled over on the deep break today. Corn broke hard but is likely to bounce off of the Gann Square at 400 or lower at 398 but wondering if 411 can come in now. Support at 398 with a bounce to 403.50 max. probably coming. We can probably start selling and give up on 411 at this point, and seasonals often turn lower here into Memorial Day.
OVERALL: We hedged 50% of July corn needs. Will wait for 403 to do more.
CYCLES OVERVIEW: Higher Tuesday; lower Wednesday.