Grains to open weak this morning after Friday's positives move. The large purchases of corn last week sent corn higher from what has been a consistent level of support for some time now. Look for the trend to continue to the upside as we trend toward the top of a very well established price range.
Soybean futures open 10 lower this morning. I think we are just seeing a bit of profit taking here, as the fundamental picture remains bullish. One trend of note is that as we have rallied in the bean complex option volatility has been bid, and as beans break the tend to sell of. The interesting thing about this pattern is that the rally in volatility has also found some support each time soybean futures sell off. This tells me that there is still a very bullish tilt to this market.