FOR MONDAY: (10/29) Some grain cycles are mixed into Wednesday but most of the cycles point lower this week and we can stick with shorts, although wheat is its own animal with the Australian drought.
TODAY’S COMMENTS: (10/29) Corn tends to follow wheat and the drought in Australia got traders interested and the key Gann number of 360 held. Corn has to take out 375 to issue a buy signal and we doubt it will happen the next few days, with cycles weak and harvest pressure strong. Not sure we’ll see 355 but will stay short until Wednesday and see what develops. Daily stochastics are still hinged lower so the smart money will continue to sell.
CYCLES OVERVIEW: Generally lower into Thursday.
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