FOR FRIDAY: (4/28) The 29-day cycle is friendly for grains on Friday and we have to think the market could go crazy given weekend weather forecasts and then get overdone and turn lower next week. Cattle still have room to go higher into Monday and are in are a bit too difficult to play like a Chinese knife acrobatic act. Hogs are worth a buy on dips.
JULY CORN (electronic ok) start here.
SWING TRADING RECOMMENDATION: Buy July corn at 367 with a 359 stop.
TODAY’S COMMENTS: (4/28) Channel support is at 366.50 and makes sense to buy given the chances of getting up quickly to 380 are out there. We may have to ignore cycle analogues, as this market could turn into a weather market quickly. The 29-day cycle is positive for Friday although some cycles suggest lower prices into Monday and that mean a drier forecast over the weekend. We have to go with the idea that higher prices to 380 will come in next week.
OVERALL: Weather forecasts remain bullish with rain for most of this week and the 6- to 10-day outlook also wet. Severe storms and flash flooding are expected today and on Friday in the western Midwest and Delta. The seven-day and 6- to 10-day forecasts keep rain in the Midwest along with cooler weather.
CYCLES OVERVIEW: Higher Friday; lower into next Wednesday.
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