FOR WEDNESDAY: (12/7) Grains should still be higher for at least one more day before position squaring sets in before Friday’s USDA report. We are inclined to expect topping action then and for the market to turn lower on Dec. 12-13 and probably into Dec. 15. Meats also look lower next week and the question is whether there will be a clear pattern completion on Thursday to sell meats.
MARCH CORN (electronic ok)
SWING TRADING RECOMMENDATION: Buy March corn at 356.50 and 357 with a 349.50 stop.
TODAY’S COMMENTS: (12/7) Hard to chase this market after being up 22 cents but still room for some profits. Support at 357.75 and 356 with resistance at 368 and 375. How much they will push the market before the report on Friday is unclear but we can still buy on Wednesday. Corn tends to be seasonally higher the week of Pearl Harbor Day so there’s still room for acceleration. Seasonal weakness will hit soon.
CYCLES OVERVIEW: Higher into Dec. 9.
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