FOR MONDAY: (7/24) Grains were lower on schedule on Friday. Sunday night looks higher and Monday lower but corn had a technical breakdown closing under the 20-day moving average. Beans are of course stronger and more vulnerable.
NOV. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/24) Taking out 1017 and 1007 will be key for the bears and it didn’t happen and so Sunday has a chance for 1033. If pullbacks on Monday/Tuesday are weak, then we would still be open for the 74% chance for 1061-66. We’re not rushing into hedges yet but if you need projection use Nov. puts.
OVERALL: The projection to 1096 isn’t out of the question given current weekly chart patterns. Still might see 1061 if weather supports the next week.
CYCLES OVERVIEW: Volatile/higher Sunday; lower Monday; lower Tuesday.
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