FOR TUESDAY: (5/16) We have mixed cycles for grains the next few days and a low-confidence forecast. We have to take profits on short wheat with cold weather moving into Colorado and that may spook the market. It also may cause short-covering on cattle but may not be drastic enough to impact anything further East. Still have to continue to sell rallies in grains.

JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (5/16) Beans completed the 3-wave pattern up to 973. Market may be too oversold holding 961 to sell now. We’ll see how it acts on Tuesday before taking a new position.
OVERALL: (5/12) Five waves down projects a minimum of 931 and the extended target of 895 doesn’t seem that likely. We think a May planting low should be in by May 24 but it could extend into the Memorial Day weekend. We should get a recovery into June 12 and June 16 and the lower into the June 30 USDA reports. Market breaking 928 could lead to 895 and not expecting 1003 to come out now to the upside into mid-June.
CYCLES OVERVIEW: May 15-17 high; May 18-19 (mixed); lower into May 24.

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