FOR TUESDAY: (5/30) Will the trade focus on the wetter Eastern corn belt which pushed the market up last week or the drier and warmer weather by the end of the week? I suspect that Friday’s rallies will be given back early in the week into May 31 but it does seem that prices may go higher into mid-June based on wetter and cooler weather in the East. Cattle on Feed report came out early during trading hours because of the holiday and left us all with no risk/reward if we left early for the holiday. Still may be able to get something on. Few more higher days for hogs we think.

JULY SOYBEANS (electronic ok)
SWING TRADING RECOMMENDATION: Hold July bean shorts from 957 with a 945.50 stop. Exit more partials at 906.00.
TODAY’S COMMENTS: (5/30) We do see lower prices the next few days into the end of the month. We took more partial profits at 933.50. Support is at 922.75 and 905. The solid break below 930 opens the door for eventually seeing 897-905. Rallies may have trouble taking out 935.50 now. We had suggested partial profit at 945 and that came in and the break below 938 easily project 933.
OVERALL: Daily chart suggesting 895 and if acreage increases, it’s possible.
NEAR TERM: (5/12) Five waves down projects 895 or 904. Cycle lows could continue into May 31. We should get a recovery into June 12 and June 16 and the lower into the June 30 USDA reports.
CYCLES OVERVIEW: May 29-31 low.

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