FOR FRIDAY: (10/20) October and November can be doggy months to trade grains, which stay in tighter ranges and sometimes you have to wait a while for key numbers and patterns to come in. We’re working on grain cycles for the next six weeks the next few days and we’ll have more insights as to final patterns and timing to report soon. For now we have a bias toward higher prices into at least Tuesday or Wednesday but not exciting to be long before harvest hedging sets in. Cattle may continue short-covering before the Cattle on Feed Report due out on Friday. Hogs look higher into next week but we need a pullback to buy from the report.
NOV. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/20) Not in a rush to sell here. Market should hold 980 in the worst display of downward action and the chance for 1007 or 1015 are still out there. No reason to rush or panic with shorts until later. If we get a quiet market, the 989-990 region should hold advances. Enough of a chance for 1007 or 1015 that we can be patient but not in a rush to be long on a harvest weekend.
CYCLES OVERVIEW: Higher Friday; generally higher into Tuesday.
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