Morning Markets

This morning grains are lower corn down -10, beans down -16, cbt wheat down -9. The dollar is higher, crude is lower, and gold is also lower. So outside markets look to weaken grain.

All in all I'm a buyer of this correction lower. The uptrends may have been violated, but we are definitely not in a downtrend yet.

Corn
In my view this current down market is a correction within a larger trend higher. As long as we maintain above 380 in the September 390 in December, I think we will have higher prices to sell later. Anything is a guess as we are in a weather market. Technicals are getting oversold here.

Beans
Like corn beans are in a down market that is simply a correction in a larger trend higher. We've been on overbought status for awhile and needed this correction. As long as we maintain 990 old crop or 890 new we are still ok.

Wheat
Same picture here, but given the fundamental nature of the current supply, and the huge break from higher prices, I'm not too bullish wheat. I'm looking for a move higher to begin selling. The market is oversold and due for a bounce higher, but I'd look to sell that bounce.