FOR WEDNESDAY: (2/14) Wednesday is a transition day, and grains would squeak out secondary highs or slight new highs but should turn lower on Thursday. Cattle cycles are positive but not liking the look of the charts and will observe for a day. Hogs not looking great. Volatility has been difficult for us to deal with lately.
MARCH CORN (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (2/14) Market probably is tiring but still could see 371.50-372.50 before it’s done. Hard to chase up at old resistance. Let’s see what kind of retracement develops into Thursdays low. Sales haven’t been working and not top-picking. Concerns over production in South America continue to lend support to corn. The latest Vegetation Health Index maps out overnight knocked more than 5% off yield potential in Argentina according to our geospatial analysis. USDA trimmed its forecast of production by nearly 120 million bushels in last week’s report.
CYCLES OVERVIEW: Recovering part of Wednesday; lower into Thursday; higher into Friday.
