It appears we are now seeing a new round of selling in grains. This is not based upon fundamentals. This is panic selling! Grain prices have now broken through support across the entire sector. We have now broken through the 76% fibonacci retracement level and are headed for the testing the December 5th price lows for the entire soybean complex and wheat, leaving only corn hanging on by a thread at the 76% fibonacci retracement level. This is a very thin thread, since the 75% fibonacci level is not generally considered to be one of significance.However, corn has broken through the $3.50 price support level on even the May '09 contract, and prices have plunged below both the $3.50 and $3.49 price support levels on the soon-to-expire March '09 contract.
