FOR THURSDAY: (2/8) USDA report on Thursday has the market a bit overbought on weather, and the reality of fundamentals could send it spinning lower into Friday. Wheat hit key target also but funds may push it much higher, and we hate chasing these markets around reports. Upper targets starting to come in.
MARCH CORN (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (2/8) Breakout yesterday suggests 367 and 371 and 355 not likely to come out. Because of the report and weak cycles and a possible bearish reaction, we could see 367 an then a fall to 355. There may be a play there for the spec people. Problems in SA may well keep the market bid in February. Market is strong but overbought now going into the report.
CYCLES OVERVIEW: Topping Thursday; lower into Friday.
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