FOR FRIDAY: (5/18) Starting to sense that grain cycles are more likely to be lower on Friday, but we could get a surprise over the weekend. Have to get short in case something bigger happens to the market. Cattle should continue short-covering.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (5/18) Corn came off strongly and much below 395 and we’ll quickly see 391. Bounces may not go much above 396 now. Favoring lows on Friday.
OVERALL: We hedged 50% of July corn at 400.50 on April 30. Hedged another 25% of July corn at 403.
CYCLES OVERVIEW: Higher into Friday; lower into May 22.
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