FOR TUESDAY: (11/13) Wheat prices got a big lift to start the week from a round of short-covering that was partially fueled by some domestic and global weather worries, plus some increasing export optimism for U.S. grains. We could get some upward momentum from it carrying into corn and holding beans up for a few more days.
DEC. CHICAGO WHEAT
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (11/13) Wheat surged past our upper target of 518 and has projections to 525 and 530 and a few more days to rally. Hard to chase up here. Market not likely to take out 514.00.
CYCLES OVERVIEW: Holding up Tuesday and Wednesday.