FOR FRIDAY: Not sure we learned anything from Thursday action as key numbers held. Cycles are weak the next few days but there are always those USDA surprises and crazy fund gyrations. We’ll probably have to move stops down on some contracts on Friday. Cycles next week look higher but the verdict is out on Friday and month-end fund position squaring will muddle the picture. If we hold beans through the report, we’ll have a tight stop in place and wheat remains on the edge. Corn isn’t likely to take out 360 so we’ll position trade and wait for it to break.
NOV. SOYBEANS (electronic ok)
SWING TRADING RECOMMENDATION: Hold Nov. bean shorts from 969 with a 971 stop. Exit 947.
TODAY’S COMMENTS: (9/29) Beans completed and held lower support toward 957.50. Net support at 954 and 946.50. We’ll probably get out by Sunday if not stopped. Moving stops down and not expecting anything wild to the upside but we are dealing with funds, month-end profit-taking and craziness as usual.
CYCLES OVERVIEW: Volatile Friday; recovering higher next week.
Comments are closed.