They have slowed down after trading the past couple hours but are still very strong, MPLS wheat is leading the way so far. Old crop corn has gained about 7 cents on the new crop contract which is back near resistance.
The thing that really is starting to stick out to me is the fact that we seem to have too many jumping on the bull bandwagon for commodities in general. Same on the bear bandwagon with the US Dollar; I can't remember the last time I seen or heard something from any source that was friendly the US Dollar.
It is and has always been impossible to determine tops in the markets until well after the fact; but it just feels like we are simply one or two re-test failures away for many of the grains.
Bottom line looks to me like some volatile days ahead......perhaps these markets simply go straight up; but then again maybe some headfakes happen along the way and just perhaps the ending destination (price) isn't exactly where everyone thinks it will be.
After all don't things always look the best and brightest at the top and the darkest at the botttom?