Corn, Soybeans in Lockstep

Look at these two charts. Except for the prices, they could have been the same. The similarity in chart structure today is striking -- nearly identical! Corn and soybeans are trading in near lockstep with one another today. After yesterday's meteoric rise, they were both overbought and in need of a correction. This shouldn't be taken as a sign of bearishness. Perhaps the weakness in today's prices is influenced somewhat by the weak economic data today, which often leads speculative traders to liquidate long positions in anticipation of softening demand for commodities during recessionary cycles. The reason is really quite irrelevant; the only thing that matters is that price changes occur. The 3 minute charts shown here are erratic, but the tick charts (not shown) are much better for good trading today.