FOR TUESDAY: (7/10) Grains are erratic and difficult to play for specs but if we get bounces, we have to hedge. Cattle should recover now also and hogs need another new low before it may be safe to buy.
TODAY’S COMMENTS: (7/10) Weather isn’t as bullish as it looked on Friday. Patterns suggest a push to 362 for 3 waves down and then a chance for 378 or 381 if we’re lucky and able to get the cycles to shift. Always tricky in early July. We have to assume this is a complex 4th-wave rally but if 355 comes out, the market could tank and Mondays in July can have crazy wash-out energy. For now, we’ll hold out a few days and hope for 378-81 to hedge.
OVERALL: I suspect that we have to use strength to hedge Dec. corn at the 380.50 and 389 region.
CYCLES OVERVIEW: Generally higher into July 11; lower into July 12-13.
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