FOR FRIDAY: (11/18) Grain cycles are volatile on Friday. Early rallies could give way to sell-offs. Beans look lower on Sunday night and grains could still be lower on Monday but seem to perk up by mid-week. Meats are waiting on the Cattle on Feed report and are a bit overbought so hard to imagine acceleration happening no matter what’s in the report, and we have to sell for a few days. Cold Storage report is on Tuesday.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (11/18) Resistance is at 344.75. Taking out 346.50 or so would start to negate chances for new lows to 332. We will roll to the March contract shortly as we need to focus on pre-Thanksgiving buying. Cycles are mixed enough that we can’t count on a clear short but are inclined that way if you’re up for it. Lower stops on corn hedges.
OVERALL: Proportions on the daily chart project 279 into harvest with extended lower prices to 262 seeming rather unthinkable.
CYCLES OVERVIEW: Topping Friday; lower into Monday.
