FOR TUESDAY: (8/8) Grains opened slightly higher but still see them retracing into Thursday/ Friday and think sells are in order. Cattle look weaker this week if you can find a risk/reward. So crazy!Continue reading
Current swings suggest Aug. 7 high
FOR MONDAY: (8/7) Corn and beans put in minimum pattern completions and don’t have to go lower but without much of a rally Sunday/Monday, they easily could go lower. Wheat is a more ideal buy at 451 and got close. Cycles look sideways to higher for grains on Sunday. Next week looks lower. We looked at the last 3 Augusts and they bucked the seasonal pattern to rally in August, which means we can’t count on it. Current swings suggest Aug. 7 high, Aug.11 low, Aug. 22 high. If key numbers on grains like 450 on Sept. wheat and 937-42 on Nov. beans at 369 on Dec. corn come in by Monday, then we could start sideways congestion into the USDA report and invert cycles. Continue reading
Corn and beans put in minimum pattern completions
FOR FRIDAY: (8/4) Corn and beans put in minimum pattern completions and don’t have to go lower. Wheat is a more ideal buy at 451 and got close and it could hit overnight. Cycles look sideways to higher for grains on Friday and may hold up on Sunday. Next week looks lower. We looked at the last 3 Augusts and they bucked the seasonal pattern to rally in August, which means we can’t count on it. Current swings suggest Aug. 7 high, Aug.11 low, Aug. 22 high. Not sure what to do with crazy meats but have to be patient now at overbought conditions.Continue reading
Could see a secondary low on Dec. corn to 373
FOR THURSDAY: (8/3) Seeing grain weakness overnight and could easily get a secondary low to Dec. corn to 373 and Nov. beans to 967. The rule is usually to buy the secondary low when the dust settles.Continue reading
Grains may still correct for a day
FOR WEDNESDAY: (8/2) Tuesday was a very exhausting and frustrating day as the market finally gave it up and we missed the boat and were bottom-picking. We still may be correct and off a day but will be patient and see what develops by morning. Countertrend buys do not need to be rushed into.
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Looking to buy beans
FOR TUESDAY: (8/1) While speculators can have a bias toward being long grains into Thursday with seasonal patterns and cycles, there’s no reason to step in early. We probably can buy any weakness tonight or wait to buy with the funds on Tuesday. This is just an oversold play but patterns and confirmations for buys on beans from last week have us leaning that way. Corn and wheat have not confirmed and we would love to see lower prices and an exhaustion there for buys to set in.Continue reading
Beans have completed enough downside to negate new sales
FOR MONDAY: (7/31) Beans have completed enough downside to negate new sales. We have to think that could bleed into corn and even if we want to see lower prices to 355 on Dec. corn, we probably have to get through a congestive week of choppy action and not sure when it will break. We often get these 3-week, doggy August rallies in tight ranges. Beans are a clearer buy with the pattern completion if you have to be long. Will let the weekend weather news and dust settle out.Continue reading
One more chance for weaker prices on Friday
FOR FRIDAY: (7/28) We-re approaching end of the month, and fund short-covering may continue. We have one more chance for weaker prices on Friday and then we’re concerned that Monday and next week will be up and will start a 3-week August countertrend summer rally. Hogs are sluggish also and cattle seem a bit thin and we have gotten killed this week in choppy range and will leave it alone.Continue reading
One more chance for weaker grains on Friday
FOR FRIDAY: (7/28) We-re approaching end of the month, and fund short-covering may continue. We have one more chance for weaker prices on Friday and then we’re concerned that Monday and next week will be up and will start a 3-week August countertrend summer rally. Hogs are sluggish also and cattle seem a bit thin and we have gotten killed this week in choppy range and will leave it alone.Continue reading
Grains to head lower for a few more days
FOR THURSDAY: (7/27) Should see grains head lower for a few more days but very oversold. We’re still open to selling beans and corn but wheat is too close to key support at 469.50. Cattle are often down on Thursdays and hogs still have a chance to reach to 8340. Continue reading