Sunday, February 24, 2008

Grains Just Keep Moving Higher

Corn, wheat, and soybeans prices continue to move still higher. Corn and soybeans prices have already reached new price highs this evening, with soybeans more than 20 cents higher, and wheat having moved more than 40 cents higher. This is significant, since the daily lock limit for wheat is only 60 cents for the entire day, and wheat has already moved 2/3 of that amount is the opening minutes during this evening's trading!

I must admit that with grains prices having reached such stratospheric levels, I am beginning to feel that at some level, a correction or sell-off is due, even if only for profit-taking purposes. How much longer can grains prices continue moving higher unabated at such a rapid rate? I don't know! However, I'll be ready when they do!

Corn
Wheat
Soybeans