FOR FRIDAY: (1/6) Cycles are wild the next few sessions. Weather shouldn’t be too much more of an issue and rallies this week on grains should be given back for 3 days next week. Still puzzled by cattle this week but big energy point over the weekend should lead to a reversal next week. We need to complete work on cycles then.
MARCH SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (1/6) Beans didn’t follow corn and wheat. Support at 1005. Not sure we’ll get slight new highs to 1019-1021 today or if 1026 has a chance on Sunday if we get some wild news. We do see a pullback from 1026 into Wednesday but not sure it’s a short except for scalpers.
OVERALL: With projected ending stocks on Aug. 31, 2018 projected around 400 million bushels, new crop could still have some upside, unless acreage estimates grow, or the money folks decide to pack up and go.
CYCLES OVERVIEW: Topping and lower into January 11; higher Jan. 12-14; lower into Jan 17.
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