Soybeans and other grains have now rebounded and appear to be meeting resistance at yesterday's settlement price (see burgundy dotted line) of $12.97 4/8. It is remarkable how consistently this phenomenon occurs. I plan on it and often liquidate a trade at the prior day's settlement price. This has once again become a good day for trading grains. While many commodities are somewhat on hold today awaiting the Fed rate decision tomorrow and the fate of the US Dollar, grains are showing solid activity.Given the current weather circumstances, and the favorability for planting more soybeans, it seems strange to me today that soybeans are the only grain that has rebounded back to flat today. Corn and wheat are both still lower. It is also an interesting circumstance that soybean prices found support at the same level (around $12.80) where it was established yesterday.
