FOR MONDAY: (4/9) Too much news over the weekend to put in too many orders. USDA report on Tuesday will get position squaring going. The USDA report is often a turn for the month, and grain cycles look lower from Wednesday into April 16-17. Cattle are still on the ropes until Tuesday but might bounce off of limit down on Monday. Rallies on hogs for Monday should be sold.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (4/9) We luckily pulled our bean short and the market hit 1048 intraday. Resistance is at 1057 and 1065 and some patterns project 1084. If you want to get long, you might need to buy near 1040-1, and doubt that 1035 will come out. We sense an upward surprise on Tuesday but the USDA report will often be a turn for a while, and cycle lows dominate thereafter into April 16-7. The highs that come in by Tuesday may be it for a week.
CYCLES OVERVIEW: Retracing Sunday; higher Monday/Tuesday; mixed Wednesday; lower into April 16-17.
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