Wheat -- Too Far, Too Fast!

Wheat has plunged today. Yesterday, it rose 50 cents. Some of it was no doubt short-covering! Today, it has given about half that back. I've noticed that when an financial instrument moves too far, too fast, there is often a snap-back event that occurs in the days following. I call it the rubber band effect. Corn and soybeans didn't rise as much as wheat yesterday, so it seems a bit overbought to me. Wheat will now build a more solid foundation to build on.