FOR WEDNESDAY: (4/26) Grains look higher at least one more day but then may run into trouble. Still, if rains are as bad as they predict in some areas, they may not go down much. Hogs still look higher into Monday and we’re still willing to sell rallies on cattle.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (4/26) Beans looked terrible compared to corn and wheat crops. Still should see 976 or max. 981 before a sale sets up Wednesday night or Thursday. Have to be patient. Planting delays have been a concern for Canada’s canola and had pushed that market higher. Old-crop canola months were lower today after recent gains, but the new-crop months were higher again. Last week, Statistics Canada said farmers there are expected to plant nearly 10% more canola and 27.2% more soybeans. The expected 22.4 million acres of canola and 7 million of soybeans would be records.
OVERALL: Weekly charts still are bearish for 916 and 895. How the market gets there is still a mystery as cycles are choppy and a recovery seems likely the first 2-3 days of next week.
SHORT-TERM: (4/18) The most bearish patterns into late April and early May are suggesting 895. Weekly chart recovery target may only be close to 1100. Way too much to ask for without a weather problem.
CYCLES OVERVIEW: Higher Wednesday; lower into Friday.
