Grains Prices Back Off

Grains prices have taken a much-needed breather, after reaching more record-breaking high prices in the past few days. This chart for soybeans today is deceptively bearish. Considering that soybeans hit new record high prices three times overnight, including one at the market open this morning, this chart seems beguilingly inverse to those records. Still, this is most likely an illusory and temporary retracement, since the bullish trend is still firmly on track. Surprisingly, a pull-back like this is typical behavior following a new record high price.