Tuesday, May 31, 2011

But Everyone already knew! So why was Wheat price down so hard today?

But everyone already knew that Russia was going to have a better crop then a year ago and everyone already knew that they where going to be back into the export market.

That was the cry the bull's had today as our markets got smack on what was suppose to be news that really wasn't a suprise.  So why did our markets get smacked so hard today?

Maybe the charts below will shed a little light on it; maybe they will just make one wonder even more?  The one thing that is clear is that technically the CBOT wheat's price action as well as KC price action really left some clues last week in the form of near doji's left on the charts as well as failures at resistance levels.  The MPLS chart below isn't as clear and to me looks a little more freindly then it's wheat sister's in CBOT and KC.

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