Another non-surprise is that the bean chart thinks beans are teetering on the edge of a bull market. A week of prices above 984 basis July should do it. That’s not a prediction for $15 prices, but it is a prediction for prices above $11.
This week’s big surprise is wheat. Wheat has been the unloved step child of the group, but is now looking more bullish than corn. On the other hand, unless the world’s wheat supply suddenly collapses, it isn’t clear how we will get much above $6.50 - $7.00 this year, and we may not do that well. One more day of advances will set 470 basis July as the price the bears have to destroy to have any chance to take control of the chart. The bulls will be looking to push prices through 500.
As always, expect two steps forward and one step back until and unless weather gets ugly.