FOR MONDAY: (10/8) There are more cycle lows than highs this week, and we do have Thursday’s USDA report, which looks like it will come in as a cycle low. Markets are probably sales Sunday/Monday because key numbers are in and the trade may stall.
NOV. SOYBEANS
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/8) Our original idea for a buy at 853.50 looking for a retest of 870 was right on but we didn’t do anything. Can the market accelerate to 887.50. Running out of time. The China reality remains dire, as they are not taking beans and we’re coming into harvest pressure and some will be hedging even if rains are there in some areas. The 29/30-day cycle is still weaker into Monday so chances are this will be a sale Monday but will wait until early Monday to pull the trigger in case there’s a bullish event over the weekend.
CYCLES OVERVIEW: Topping Sunday/Monday; lower into Thursday.
