FOR MONDAY: (5/8) Grain cycles are weak the next few days and much of next week so it’s hard to imagine anything that would push them up in a crazy way. Cattle may find a bottom by Monday and recover and not sure they’re done. We’re doing a countertrend trade in hogs and will hold into Tuesday.

JULY SOYBEANS (electronic ok)
SWING TRADING RECOMMENDATION: Hold July bean shorts from 980 with a 978.50 stop.
TODAY’S COMMENTS: (5/8) Need to take out the 967 region to get a move bearish.
July beans didn’t issue a breakdown signal as 961 did not come in yesterday and they are well above that area this morning still possibly allowing 988.50 to come in for a more ideal sale but we think cycles are bearish and weather looks fine.
(Note: Confusion Thursday night about our orders and our final report cancelled sales till this morning. We got confused looking at Nov. data. )
FUNDAMENTALS: No deliveries were posted on Friday against the May, which may be due to the CBOT’s force majeure on loadings on the Illinois River, because of high water and flooding. The force majeure was announced late on Thursday and will continue until further notice. The action relieves delivery elevators of having to load out grain within the 3-day requirement.
CYCLES OVERVIEW: May 7-8 low; May 10 low; May 11-12 low.

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