FOR TUESDAY: (4/25) Plantings reports were bearish but not sure the market will go down that much and even if they do, we think Wednesday could be a bounce day. We still like the short side but have to make sure the trade does not get too upset about excessive rains in the 7-day forecast. If we get a bounce on feeders, look to sell. Hogs now should be up this week so buy pullbacks on Tuesday.
JULY CORN (electronic ok) start here.
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (4/25) Wondering how much of the crop progress report will be sold. Minor cycles are lower on Tuesday but the rain forecast may hold it up. The seven-day outlook, which runs through May 1 favors rain totals of 5 to 6 inches in parts of the western Midwest. Three waves up projects 368-69. Much more than that and any bullish news about too much rain this week and the market might retest 380. We’ll leave it alone for now. Cycles suggest it should go back down but a 1-2 day bounce is always healthy. Corn plantings at 18% were above estimates for 13% but below last year’s 28% at this time.
CYCLES OVERVIEW: Lower April 25; higher Wednesday; lower into Friday.