FOR THURSDAY: (10/5) There are very volatile cycles that dominate the next few days. Two years ago when we saw them, they created cycle high for grains and lows for cattle. They appear to be inverting so far but given the level of intensity, we still could see grains come off their lows and meat still reverse. Given a horrible week, we’re going to wait for this cycle to get out of the way.
DEC. CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/5) Wheat had a sloggy day. The pattern completion to 437 seems inevitable. Market should recover from 440 back to at least 451-55 the next few days but going to leave it alone.
FUNDAMENTALS: Ahead of Thursday morning’s USDA export report, trade estimates for wheat exports ranged between 11.0 million bushels and 18.4 million bushels. That puts it in range of volume from the week prior, which totaled 16.0 million bushels. Jordan announced it has purchased 1.8 million bushels of wheat from trading house Nibulon, to be delivered in February 2018. In Japan, a tender for 4.4 million bushels of feed wheat received no offers. Another similar tender will be held October 11.
Comments are closed.