FOR MONDAY: (9/11) We still expect higher prices into Monday/Tuesday for grains. Have to start selling cattle and the market looks lower all of next week, and this week’s rally has been a gift. Waiting on the hurricane. How much Southeastern crop harvest has been put into the price already? Patterns suggest higher prices into Tuesday so we’ll assume more is coming. Cattle are a sale for a week but getting a good risk/reward will be tricky.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (9/11) Not much change to last night. We should see 369 or 372 the next few sessions and if anything, the market will stay bid into Monday/Tuesday as the hurricane heads toward Georgia and South Carolina. No change in stop.
OVERALL: (9/11) We should get another 30 cents lower after the USDA report from some congestion triangle patterns. That could be followed by another 30 cents lower. At some point in October we could have a 26-cent bounce before a final low. Major weekly chart support at 312 should hold.
CYCLES OVERVIEW: Recovering into Sept. 12.
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