Corn, Wheat Markets Slumping Again, But Downside Limited

The corn and wheat futures markets have embarked upon fresh downtrends and are at or near their contract lows. It appears there will be a bit more downside pressure coming in the corn and wheat markets. However, at their present low price levels, I don’t look for solid downside action. In fact, I suspect that in the coming few weeks the corn and wheat futures will put in market bottoms. That does not mean fresh price uptrends in corn and wheat will develop soon, but more likely just sideways and choppy trading (basing action) that will eventually kick off price uptrends. Stay tuned!–Jim