Grain Funds, Technical Levels and Yield Watch

Chris Robinson talks about grain funds, their technical levels and watching yields.
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In today’s Traders Exclusive, Chris Robinson reviews activity in a variety of grains. Funds are still long 64,000 contracts of corn, short 52,000 contracts of Chicago wheat, and short 25,000 contracts of soybeans. Taking a look at the technicals, soybeans just hit a 4-year low and traders are looking for the 10 dollar level to act as key support. Corn’s recent low is 358, and if that gets violated it could lead to a move down to 350. Wheat bounced last week, but is still showing weakness and will likely follow corn if history is any precedent. At the current juncture, the bottom line is grains continue to grind near multi-year lows.