FOR MONDAY: Not expecting a whole lot of movement. At some point we need to sell beans but have to be patient probably until Monday night. Wheat not done until 405 comes and corn still will hit 359 if you’re patient. We had noted that the last 3 years we didn’t get an August grain bounce and even with the best cycles nothing could happen until Wednesday. Impossible to be long. Waiting for a possible bounce into Monday to get something short but can’t count on anything. Beans closer to 939 or 946 could still offer a sale/hedge.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (8/21) Monday looks lower. We took more partial profits off at 364.50. We would continue to take more off toward 360.50 and 357.50. Not seeing this market taking out 376.00 and not sure what will get it up there. Big cycle turn on Monday but wondering if it will be a bounce high and then lower prices into the Aug. 25 and that’s how it looks now.
CYCLES OVERVIEW: Lower into Monday; recovering Monday night into early Tuesday; lower into Aug. 25.
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