Grains Put in Weather Premium on Drop in Crop Ratings, Post Strong Technical Close

Tomm Pfitzenmaier, Summit Commodity Brokerage, says grains rallied on weather and the drop in crop ratings and subsoil moisture. The markets pushed through chart resistance and could see continued buying.

Tomm Pfitzenmaier, Summit Commodity Brokerage, says grains rallied on weather and the drop in crop ratings and subsoil moisture. The markets pushed through chart resistance and could see continued buying.

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A day after making new highs for the year and hitting the highest levels in three years, the soybean market saw some profit taking and consolidation. Corn and wheat resumed their rally.
Corn and soybeans saw some early profit taking pressure on Tuesday after running into chart resistance and with better than expected crop ratings.
Soybeans gapped higher Sunday night and made new highs for the move again on Monday says Mark Schultz with Northstar Commodity.
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