FOR TUESDAY: (10/16) Have to wait for a 1-2-day pullback to buy grains. We had a volatile cycle today and it came in and peaked and it’s not like we’re in June with a drought market and the worst of the rains may also be behind us.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/16) Support at 375 with a push up to 381 probably next. Eventual target by the end of the week is probably 388. At best a pullback may now hold 368, and not likely to make new lows on the weekly chart. Open to buying minor pullbacks by Wednesday.
CYCLES OVERVIEW: Lower Tuesday/Wednesday; higher into Oct. 18-19.
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