FOR TUESDAY: (10/31) Our sense that we couldn’t sell oversold conditions. We’re approaching end of the month fund position squaring by Tuesday and rollover from Nov. to Jan. beans. We have a bias toward lower grains into Wednesday but can get weird aberrations on position squaring by funds. Given very oversold conditions on grains at key numbers, we have to be patient about selling. Meats are starting to smell winter and cold weather and that’s a reminder that seasonal lows may be in.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (10/31) We’ve been too slow getting orders out. Key support at 348 and only a bounce to 352 might inspire us to get short this market. Major support at 340.50. We’re running out of time but have to be patient. Support is at 344.25 if we get a break below 347.
CYCLES OVERVIEW: Lower into Wednesday; recovering into Friday.
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