FOR WEDNESDAY: (7/26) May get a sick, minor bounce on grains on Wednesday but inclined to expect weaker prices into Thursday and Friday. We would continue to sell rallies but probably have to take profits on shorts by Friday/Monday.
Hogs look higher after a 3-wave fall
FOR TUESDAY: (7/25) Crop reports were worse than expect and that might give us a bounce to get short. Too much technical damage was done on Monday to negate deeper price falls into Friday. If we get a bounce on cattle, look to sell. Hogs look higher after a 3-wave fall that has held 8000.Continue reading
Minor bias toward stocks weakness on Monday
FOR MONDAY: (7/24) Lately the trade has 3-day weeks in the summer with Fridays and Mondays, being a virtual summer holiday. The Monday before FOMC can be volatile and have a big range of profit-taking on stocks and we do have a minor bias toward weakness on Monday if there’s anyone not at the beach.Continue reading
Grains look higher Sunday night
FOR MONDAY: (7/24) Grains were lower on schedule on Friday. Sunday night looks higher and Monday lower but corn had a technical breakdown closing under the 20-day moving average. Beans are of course stronger and more vulnerable.Continue reading
No reports on Friday so it may be a doggy day
FOR FRIDAY: (7/21) Lately the trade has 3-day weeks in the summer with Fridays and Mondays, being a virtual summer holiday. No reports on Friday so it may be a doggy day. The Monday before FOMC can be volatile and have a big range of profit-taking and the stocks are getting tired going into next week.Continue reading
Weather could get beans up to 1061 by Sunday
FOR FRIDAY: (7/21) The longer-term weather seems somewhat dire with the drought monitor and that might be enough to get beans up to 1061 by Sunday but we never trust weather news. Corn may go along for the ride. We originally had cycles pointing lower on Friday for grains and we know how quickly weather flips and will evaluate in the morning.Continue reading
Cycles looking friendly for Thursday
FOR THURSDAY: (7/20) Trade waiting on ECB for Thursday and then to FOMC for July 26. Markets will get more sluggish as we get closer to these next fulcrum points. Still nice and slow steady trading in places. Cycles are looking friendly for Thursday and remain bid for stocks going into the weekend.Continue reading
Look to take profits on long grains by morning
FOR THURSDAY: (7/20) We should see grains recover into the close of the night session but then they look like they turn lower into Friday. Hard to get away with longs in late July and they often sell the bad weather—which is very real. We would take profits on grain longs by the morning and may get short for a few days in case we get a meltdown.Continue reading
Trade waiting on ECB onThursday
FOR WEDNESDAY: (7/19) Trade waiting on ECB for Thursday and then to FOMC for July 26. Markets will get more sluggish as we get closer to these next fulcrum points. Still nice and slow steady trading in places.Continue reading
e have a bias for a recovery on Wednesday
FOR WEDNESDAY: (7/19) We hate trading grain weather markets and should give it up and now that computerized funds have taken over it’s more challenging. We have a bias for a recovery on Wednesday but any new sneezes in the wrong direction from the weather people and we could be wrong. Latest forecast adds more heat and dryness but could change at 6 am. Technically we had a grain breakdown last week for corn and wheat. This week’s recovery is a bounce and the market is almost always down the last week of July so I expect that next break will come then.Continue reading