FOR TUESDAY: (9/26) Crop progress reports were rather neutral. Grains are recovering a bit at the open in the early night session and were oversold. Wheat looks best. We will favor shorts one more day but then may have to move stops lower into Wednesday.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (9/26) Continue to use strength the next day to get in last-minute hedges and cash needs before we start collapsing to harvest low. Want to see 348 and 342 come out to get more excited about this market but 360 should be a line in stone to get through.
OVERALL: (9/12) 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: Lower Tuesday; recovering into Wednesday.
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