FOR THURSDAY: (2/16) Breakout on corn projecting 389 and then a pullback. Should force wheat to breakout and beans are tagging along. Meats look lower on Thursday.
MARCH CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (2/16) Wheat is tiring but until 430 comes out, we can’t declare an end here. Close to breaking above 455 again and could lead to 470-2. Given projections on corn, it seems inevitable. Still hard to wrap our head around this market when world fundamentals are so bearish.
OVERALL: Weekly chart close above 460 would negate chances for new lows on the weekly chart but otherwise this is still a 4th wave. Not willing to top-picking without a strong reversal signal.
CYCLES OVERVIEW: Lower Thursday/Friday; bottoming Feb. 20 (evening session); recovering higher Feb. 21.
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