Although corn reached new highs today, it closed down for the trading session. While somewhat bearish, I had anticipated the potential for a pull-back to the Exponential Moving Average on the daily chart. This usually would cause me to take a smaller initial position when trading on the longer-term charts.
Wheat sold off today, and despite a few rallies, prices never regained any footing. Liquidity for wheat was better than average today, so there must have been fairly strong interest in trading it today, following the USDA crop reports.
Soybeans closed about 48 cents higher for the day (see the chart). This was a typical trading day, with some difficult trading conditions at times, but also some good moves for nice profits.
