Isn't he cute? Corn and soybean prices are showing more and more price strength. This is remarkable given the powerful recent downtrend that was reinforced in crude oil and other commodities today. Grains are bucking the commodity downtrend for the past few days, so there must be good reasons for it. On a day when crude oil gave up about $4/barrel, the Dollar was the strongest we've seen in a month, and other commodities gave up ground, grain prices moved broadly higher!
Will this bull grow and strengthen? Or will it flatten into a consolidation and range trade? I don't know! But I'm trading this bull for all its worth!
On the left is tonight's tick chart, which is trading sideways to higher for the last 3 days. On the right is the daily chart, showing growing volume to push prices higher. The August 12th USDA report will decide the trend for grains for the rest of the harvest season, but hot Midwest weather is beginning to show signs of trouble for crop yields.
