Follow-through Selling for Corn and Wheat; What Technical Levels Should Be Watched?
Dec 12, 2012
Brock and Logan discuss today's trade action coming on the heels of Tuesday's USDA WASDE Report. Wheat continued to sell off, dragging corn along, as ending stocks were raised 50 million bushels yesterday. For wheat, oversold territory has been hit on the daily chart and we are approaching support from the 200-day moving averge. Also sitting right below the market is the psychological support level of $8. As for corn, ethanol production disappointed this week leading the market to test the $7.20 support area. These topics and more are discussed in today's GrainTV.
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