From a top last night about $8.40, wheat has sold off to $7.50. I don't know how to interpret this.Is this the top? The fundamentals don't seem to have changed much. Corn is down, but only modestly. Beans are modestly higher.
- It could be a top and exhaustion.
- It might me liquidation of trades before the weekend. There is often a liquidation before a weekend, since many traders don't want to hold positions over a two-day period when the weather may change dramatically.
- It could be longs taking profits.
- It might be just sell stops being hit.
