Our team will be keeping their eyes on grain prices this week.
We will be watching to see if grain prices will make a low early in the week. From early January until last week, the corn, soybean, and wheat market could rally on Sunday night and into the early trade on Monday, then fade into the close on Friday. Prices were in a downtrend. Last week the low came in early and the high for the week came in on Friday. Can this signal a major change of trend? I think so… eventually. When a down trend is over, it is rare that prices turn and go sharply higher. The more normal pattern is for the market to build a base and trading channel. That base stays in place until some fundamental change sparks the next bull move.
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