FOR THURSDAY: (11/16) Wheat was the only one to break harder today and hit the minimum exit but we did make money on the rest of short grains. Starting to see these markets higher into early next week. Hard to bottom-pick a bear so we’ll observe until the morning.
DEC. CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (11/16) We did get out of wheat shorts with a 12.25-cent profit. Lower support at 416.50 still possible. We should get some short-covering soon but November grain trading is pretty uneventful. Sometimes we get nice seasonal spurts in early December but for not the market is still a bear.
CYCLES OVERVIEW: Higher Thursday/Friday; higher Sunday/Monday.
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