FOR WEDNESDAY: (8/1) Cycles still point lower into the end of the week and upper targets are complete although corn would hit 391.50. We have three cycles that should turn this market weaker into the end of the week.
SEPT. CHICAGO WHEAT
TODAY’S COMMENTS: (8/1) Market went to upper resistance at 564-8 and closed weaker. Wheat doesn’t have to go higher but if it does, look for resistance at 578 and 588. This one is harder to sell and we’ll leave it alone. Still should pull back for at least 3 days.
