Today's price action opens the door to the question if the recent pull back was just a correction in a longer term bull market or if we have reversed. If the pull back is just a natural correction before resuming the bull market it doesn't spell good things for grain prices in the near future. What becomes scary is the weekly chart; that shows that the US Dollar is close to opening resistance doors perhaps making a run up to the 2010 levels. Remember what wheat and corn was worth in June of 2010.....Ouch!
Watch and see what happens to the dollar as we go forward as it will have a huge impact on profit levels for farmers.
The bottom line of this should be the fact that we need to practice good risk management in our grain marketing efforts. Get your self comfortable!