Corn, Wheat Continue Distribution

I think soybeans are still overbought, but corn and wheat are certainly continuing the liquidation trend. Corn and wheat are now very close to the support levels from which they rallied this past Spring ('09). We should see them find support again soon. That said, this liquidation is so powerful, it may drag soybeans off its perch, too! The most recent USDA planting report showed that more acres would be transferred to soybeans that had been intended to be planting in other crops, but even with these recent changes, the soybean crop is expected to be smaller than the 2008 crop.

CornWheat