Today Corn rallied to 433, within 6¢ of its high this season. About mid-session, the bears took control. Over the next hour, they dropped prices 12¢, pressure came off, and was followed by more selling at the close. Today was rather destructive for the corn chart.
Beans didn’t generate the upside momentum corn did in the sense of price gain early. They did get to 1048½, which was just under the season’s highs. The bears came into the bean pit at the same time they did corn, and dropped beans from 1048 down to 1028. Like corn, beans saw a little bounce only to be hit with more selling.
While the price action doesn’t guarantee the end of bullishness in beans and corn, today didn’t help the charts a bit, and increased the likelihood that both have put in their highs for the season. We will know more by the end of the week, but just now I’d estimate the probability that the season’s highs are in at about 75% or so.
The next two critical prices for corn are 421, today’s low, and 405. The next two critical prices for beans are 1028 and 1011. Those are so close together, that one day could break both of them, then we can worry about the 960 zone.
The best description for wheat might be "Dead Man Walking."