FOR FRIDAY: We had noted that the last 3 years we did not get an August grain bounce and even with the best cycles nothing could happen Wednesday. Impossible to be long. Waiting for a possible bounce into Monday to get something short but can’t count on anything. Beans closer to 939 or 946 could still offer a sale/hedge.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 388.50 with a 381.50 stop. Take partial profit 360.25.
TODAY’S COMMENTS: (8/18) We took more partial profits off at 364.50. We would continue to take more off toward 360.50 and 357.50. Not seeing this market take out 376.00 and not sure what will get it up there. Big cyclical turn on Monday but wondering if it will be a bounce high and then lower prices into the Aug. 25 and that’s how it looks now.
CYCLES OVERVIEW: Sideways to higher into Monday; lower into Aug. 25.
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