FOR MONDAY: (1/9) Grains look like they will be in trouble into Wednesday with a bounce Monday possibly having the best chance of happening if we get some friendly news over the weekend. Cattle look better next week and hogs may be oversold and we’re moving stops down and will take profits and probably resell a 2-day bounce.
MARCH SOYBEANS (electronic ok)
TODAY’S COMMENTS: (1/9) Support at 992. A recovery to 1016 would be a gift and chance for 1021 or 1026 seem like a long shot if we’re right about lower prices into Wednesday with Monday having the best chance to bounce. Break of 989 would lead to 977-78. Given a low here at key support, we have to see what kind of bounce develops before considering anything. If the market is under 989 by Monday morning, we can sell.
OVERALL: With projected ending stocks on Aug. 31, 2018 projected around 400 million bushels, new crop could still have some upside, unless acreage estimates grow, or the money folks decide to pack up and go.
CYCLES OVERVIEW: Lower into January 11; higher Jan. 12-14; lower into Jan 17.
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