FOR TUESDAY: (8/29) Rains last week improved crops but is the market oversold enough that a bounce will start soon. Some key numbers are close now and cycle lows due by Wednesday. Cattle are overbought already from the report and hope to get a secondary low by Friday to buy. Hogs seasonally bottom here.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 388.50 with a 365.50 stop. Take more partial profits off at 349.50.
TODAY’S COMMENTS: (8/29) Projections to 348.50-349. Market too technically oversold but has no reason to rally. May finally rally on oversold conditions for position squaring by funds to close out the month. May have trouble taking out 360.
OVERALL: Projections now down to 348.75. Close below 360 is ugly and unlikely it will go above there.
CYCLES OVERVIEW: Lower into Tuesday; bottoming by Wednesday.
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