FOR FRIDAY: (7/21) The longer-term weather seems somewhat dire with the drought monitor and that might be enough to get beans up to 1061 by Sunday but we never trust weather news. Corn may go along for the ride. We originally had cycles pointing lower on Friday for grains and we know how quickly weather flips and will evaluate in the morning.
NOV. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/21) We took profits on beans with resistance at 1033 almost hitting. Given that the beans may now be perceived as being in more trouble with the 30-day forecast, we should easily see 1061. No reason to be selling this market. If it gets carried away to the upside on Sunday night, it could complete larger upward patterns and set up something. We haven’t totally given up on 1096-99 yet.
OVERALL: The projection to 1096 isn’t out of the question given current weekly chart patterns. Still might see 1061 if weather supports the next week.
CYCLES OVERVIEW: Topping/lower Friday volatile; higher Sunday.
