FOR TUESDAY: (7/31) Beans held Sunday highs all day but wheat and corn made new highs on the day. Nothing in the weekly crop report is bullish so it’s hard to imagine this market holding up anymore.
TODAY’S COMMENTS: (7/31) While it would be possible to see 908-9, we’re skeptical, as beans often come off at the end of July and fund profit-taking may be a reason. Some patterns could allow 914 but cycles this week seem too negative to get prices much higher. If it does happen, take protection with hedges and put options and cash contracting. Seems unlikely that 920 will come out this fall unless there’s an early freeze, and too early to get data on that.
CYCLES OVERVIEW: Lower into Monday night and Tuesday; lower Wednesday; lower into Thursday; lower Friday; higher into Aug. 5-6; lower into Aug. 7; higher into Aug. 9-10.
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