The $6 resistance level for corn appears to have given way finally, with corn moving steadily higher since 3/24. Prices have struggled to push through the $6 handle, but it appears that this price point has been finally achieved today. This chart shows the daily trend for corn on the left, which has demonstrated the most solid price strength today (on the right).Soybeans prices have been in a bullish trend now for the entire month of April, pushing steadily higher almost without correction.
Wheat also appears to be close to a break-out upward again, with volume indicators suggesting that prices will move higher soon.
With all three of these major grains moving higher (rice has been shooting upward without retracements since January), the grains ETFs may soon start to move higher at an even faster pace. Food prices are going to go higher at an even faster pace. There will be even more rioting in the streets around the world.
