Were today’s lower closes in corn and soybeans the market signal of a loss of confidence? Probably not. Volume was down across the board and everything remained within their ranges. Here is some of the group think:
Harvest pressure Profit-taking Stronger dollar Lack of weather premium Pullback or correction to being over-bought Etc.
There was no breaking of new bottoms just lots of straddling around what appears to be some generally agreed pricing. Prices had hit notable highs and a pause is needed. It takes something significant to have a breakout, and there is nothing significant, at least not yet. But there could be. Weather remains a possible breakout. On the bullish end of the spectrum, it remains too dry in the south...
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