Day starts turbulent for grains 12-18

While soybeans have shown some weakness this morning, wheat and corn have been largely stagnant, which may be indicative of a bottoming out.

Even the soybean weakness shows some lack of strong conviction, perhaps because the overall uptrend is intact. However, the retracement or consolidation that I have hinted at over the past week is being demonstrated by soybeans in early trading today. I don't know how long it will last, but I feel that this is a healthy retracement for soybeans over the short term (hours or days, not weeks). Soybeans and the other grains were looking somewhat overbought after last week's run-up in prices.