FOR THURSDAY: (12/1) Grains faded the OPEC rally and we stuck with shorts but didn’t add to our positions because we’re approaching Dec. 1st and seasonals can turn up here. Normal cycles are weak here. Time to take some partial profits on shorts but still a good chance for lower prices on grains until at least Friday. Cattle continue to hold up but we do expect cattle down on Thursday and will decide what to do with it on Friday if it doesn’t fall much but it looks lower then also. Not sure how to play hogs with the rollover to Feb., which still needs to go higher.
MARCH CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold March corn shorts from 358.50 with a 356.25 stop. Take partial profits at 343.
TODAY’S COMMENTS: (12/1) Doubt that 355 will come out but if it does, we shouldn’t stick around. Key support at 342.50, where partial profits should be taken. Possible for a deeper break to 330.50 but may be asking too much. Not willing to buy until maybe Monday.
CYCLES OVERVIEW: Lower into Dec. 1-2; higher into Dec. 9.
