FOR WEDNESDAY: (11/7) Trade can often congest in sickly ranges before USDA on Thursday and that makes for boring trade. If you want to gamble on higher prices on Thursday, you can nibble at long corn and beans on Wednesday. Need a 2-3 day bounce on meats to get any risk/reward to sell.
TODAY’S COMMENTS: (11/7) The 375 region will probably hold until the USDA report. Support at 369 and 368 on pullbacks. Not much to do this week. Will have to decide in the morning whether to risk the market on the long side going into Thursday, and probably will if we can buy 369.
WEEKLY CHART: Upper end of the USDA range is 400. We can easily see 388 come in by mid-November. Key weekly chart resistance at 388 and 400 and we almost have to considering dumping cash if we see 390-400 by any miracle and seasonally we can sometimes put in highs into late January. Still working on 2019 growing season.
CYCLES OVERVIEW: Higher Tuesday/Wednesday; higher into Thursday; higher Friday.
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