FOR THURSDAY: (8/24) Grains still in trouble, as corn keeps making new lows along with wheat. Favorable weather will support filling of bean pods and increase yields. Hogs still lower a few more days so sell rallies and cattle congesting before COF report but should go lower.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 388.50 with a 381.50 stop. Take more partial profits off at 349.50.
TODAY’S COMMENTS: (8/24) Still weak a few more days. Projections now down to 348.75. Close below 360 is ugly and unlikely it will go above there. Still safe to sell. Not seeing anything to create a strong rally here, which means another August like the last 3 where prices keep eroding. Once 348.50 comes in, bounce only to 367.50.
CYCLES OVERVIEW: Lower into Aug. 25.
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