Corn

Grains finally have begun to look bullish.  Every other day, they take on more attributes of a bull market.  Corn and wheat this week have posted new highs suggesting major wave 2’s complete and major wave 3’s in progress.  I anticipate a thrust soon to push prices away from the current congestion and start to create a new price range at a higher level.  Beans and bean meal were the benefactors of the swords being sheathed last weekend by China and the US.  This saber rattling was just like poking a sore spot.  Everyday it was healing and then one of the two would poke it.  Now, I think the bean and meal market will heal up nicely and continue to push higher.  The truckers strike in Brazil may give a spurt to beans and corn as well.  They are having difficulty getting subsidy payments from the government and if they aren’t receiving money for their goods, there doesn’t seem to be much incentive to get them to market.  Nonetheless, I anticipate the grains and oilseeds markets to move sharply higher in the coming weeks.