Multiple CBOT markets/contracts formed a moderately bearish “hook reversal” on Tuesday. A hook reversal is a day when a contract trades to a new high and settles lower but does not break the prior day’s low (if it did, that would be a key reversal). Hook reversals are less reliable indicators than key reversals and indicate a change of market direction roughly 60 percent of the time. They do, however, indicate market momentum is shifting and/or that exhaustion is developing.  Despite the presence of hook reversals in corn, soybeans, wheat, and soyoil, WPI is not ready to call a top in these markets. Today’s trade saw choppy/frothy pricing, but WPI sees this as a normal event for extended bull markets. Bull mark...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, North America, South America