Soybean prices have rallied slightly along with crude oil, but are only slightly above yesterday's settlement price. Grain trading today has been listless and with little conviction to move the market in one direction or another. This is a very weak rally.Corn remains down for the day. However, since the price of corn is near the low of its recent trading range, there is a good chance for a rally from these levels.
Corn and soybeans have both remained within a very tight trading range in recent weeks, making trading difficult. This is why I have traded them both much less over the past 3-4 weeks. Corn is trading with a very tight range of about $5.80 to $6.10, and soybeans prices have been trading a range of about $13.25 to $13.80. Some traders may ask, "Why not trade between those ranges, selling at the top and buying at the bottom?" I prefer not to do this because without a solid trend, price charts tend to look more like radio static than sine waves. The results are unreliable and often disastrous to my account balance.
Which would you rather try to trade?
Radio Static, or...
A Sine Wave?
