The bulls are back in town!

It didn't take long for the soybean bulls to charge ahead again. But unlike yesterday, they have had to fight, scratch, and claw their way through the opposition to reach fresh highs again today. Yesterday, bullishness was almost unopposed, but today, it took awhile for the bulls to push their way back. The first chart shows the rise to new highs at $11.61/bushel, which momentum began about 12:15 EST, after the bulls charged back. This meteoric rise in grains futures is beginning to feel a little overbought to me.

The second chart shows how erratic the market was until the bulls finally pushed their way through with fresh buying. Wheat and corn have done the same!