FOR WEDNESDAY: (3/22) Grain cycles are still weak into Friday but beans are not collapsing like wheat. Cattle are also holding up better than expected but should start unraveling at Thursday the latest. Waiting a day for a hog rebound to sell by Thursday.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (3/22) We took partial profits on shorts at 439.50 for a 15-cent gain. Stops on rest of position is now at breakeven. We don’t want to see 445 even come out. Support at 435 and 426. Daily chart patterns point all the way to 418. If you want to put on more, you will probably need to go in around 444.75.
SHORT-TERM: (3/14) Daily chart support is at 435 and 418 with a 4th-wave bounce probably not taking out 451 or 456 and that would put spring lows down to 405. Dryness problems haven’t shown up in weekly crop ratings and world supplies have been abundant. Cycle lows dominate into March 25-26 and if we get a recovery after USDA, chances are it will be sold again. Look for 443 to hold with a bounce to 452 or 455 coming at publication. Five waves down on the daily chart projects 405.
CYCLES OVERVIEW: Lower into March 24-26; higher into March 30-31.
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