Soybeans: Radio Static

Prices for soybeans today ended almost flat. The chart (above) looked like radio static, without any strong momentum either higher or lower. This is very poor follow-through on yesterday's strong soybean rally, and must certainly disappoint traders, farmers who would sell, and commercials alike.

Corn and wheat both sold off, with the long-term downtrend in wheat still intact, as mentioned on my previous post today. I barely eked out a profit in trading, and that was mostly from a small trade in 10-year treasuries and a better one selling corn. I should have sold wheat, but I let that one get away.