Corn is is showing some signs of possible firming support just above $6/bushel, but the bear market in grains continues, with bearish weather patterns continuing to support improve crop yield forecasts. Soybeans and wheat are also down today, but all three are now demonstrating some signs of a slight rebound on the intra-day charts, with perhaps some firming demand on the daily charts. At some point, as Arlan Suderman suggested in his commentary last Friday, commercial hedgers will perceive some opportunities to buy bargains, and they will begin to buy again. We may be seeing some of that today, with nearly half of the early losses having been given back from a stronger bid pool. On the daily chart below, prices levels are now at the same level that they firmed up previously. This price level is certainly not lost on the commercials (and most definitely is glaring to technical traders like me).
Daily Chart Still Bearish
Intraday Shows Signs of Buying
