FOR WEDNESDAY: (4/18) Markets holding up ok but failed to breakout. Wednesday needs to breakout or we’re in trouble in grains. Cycles are friendly for grains the next few days. Overall cycles are very friendly the next few days so we really need some upward action to negate the recent 2-day move retracing.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (4/18) Some reprieve overnight. Can’t rule out 472 coming in if the trade continues to smash this market, and weather is still friendly for the bears. No reason to buy but close to a turn on a divergent low. Fundamentals have turned against this market so we should sell rallies but will see if we get a 1-2 day bounce, which doesn’t happen that often for wheat.
CYCLES OVERVIEW: Recovering into Thursday; possibly higher into April 25.
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