In contrast to the price of soybeans today, corn has rallied off the brief opening swoon, and is moving higher for the day (see chart below). We are now beginning to see corn and soybeans diverge significantly in their chart patterns, as poor planting conditions for corn (bullish for prices) are resulting in more planting of soybeans (bearish for prices).
The daily chart for corn (below) still shows a consolidation pattern on the Bollinger Bands, but the conditions for a new bull trend in corn may be in the initial set-up stages leading to a T1. Note in the 2nd panel that heavy buying is occurring, even though prices on the longer-term basis have not yet begun to rise.
