Corn, wheat, and soybeans have surged ever-higher today. The overall trend is higher, so no one should be surprised that after a minor Fed-induced correction, the upward trend has continued. Last night, as I suggested, grain prices fell across the board in sympathy with the stock markets' disappointment in the Fed.
However, stocks have now dismissed the Fed's statement and surged higher today.
In his book, "Trading Day by Day", Chick Goslin says that news-related events usually only cause course reversals only temporarily in an overall trend. Thus, is expected a temporary price correction after yesterday's Fed announcement, but this could be seen by a good trader as an opportunity to buy into a strong bullish trend in the grain markets.
The attached charts are of soybeans, wheat, and corn, but it wouldn't matter which, since they have all exploded higher today. I hope no one is short the grains!
By the way, the top chart is corn, the middle one is soybeans, and the bottom chart is wheat. I can only tell myself by the prices themselves. The chart patterns, including the other indicators, are nearly identical!