FOR THURSDAY: (4/19) Cycles are friendly on Thursday but grains often come off and also cattle so we have to be defensive before the COF report. We could easily see corn and wheat hold up another day but beans look terrible and the grains look heavy. Trade will be position squaring before the COF report.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (4/19 Market more likely to reach up to 490 and 495-6 over the next few days. Chances are the market may set up to be a sale by Friday if it stalls out at 497 and the bears come back in.
CYCLES OVERVIEW: Recovering into Thursday; possibly higher into April 25.
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