FOR FRIDAY: (9/22) We have a bias toward lower grains on Friday and harvest pressure should pick up. Trade is waiting on COF report and there has been a bias toward a friendly report but the price has to be built in by now.
NOV. SOYBEANS (electronic ok)
SWING TRADING RECOMMENDATION: Hold Nov. bean shorts from 974 and 969 with a 989.50 stop.
TODAY’S COMMENTS: (9/22) We’re going with cycles and overbought conditions and will see if harvest pressure can kick in a bit. We’re giving up on 994. Computer models still suggest a strong chance for 994 but we’re skeptical unless we get some wild news. Continue to use strength the next day or two to price in last minute hedges and cash needs before we start collapsing to harvest low.
CYCLES OVERVIEW: Lower into Friday and Sunday; lower Monday.
Comments are closed.