FOR MONDAY: (9/17) Minimum numbers for wheat came in and that may block corn from hitting the more ideal 346-7 area for now but possible with harvest pressure. Beans can’t be bought as a countertrend play unless we see 811-13, and that would take some major bad news out of China combined with harvest pressure.
DEC CHICAGO WHEAT
TODAY’S COMMENTS: (9/17) Minimum pattern in on Thursday night in the 496-7 region. This one may be safer to buy on dips but erratic weather continues to plague this market. Resistance at 508 and 511.75. Computer models would still allow new lows to 489. If you had to bottom-pick, you would have to wait for 489 but unlikely. Not going to chase the market at 511.
CYCLES OVERVIEW: Higher into Sunday/Monday.
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