Pulling back!

Corn, soybeans and soybean meal futures pulled back on Wednesday. All 3 front end contracts put in new highs in the last couple of sessions and were trading higher overnight before dropping back during today’s session. They ended the day down 4, 15.25, and 3.10 respectively. Even with this pullback since last Wednesday (the day before the WASDE), corn is up 25 ¼, beans are up 31 ½ and meal us up $3.10. It is hard to watch a selloff after the momentum we have seen the last 5 sessions, but no technical damage was done today. For the March contracts, we will be watching 6.75, 15.10 & 468.4 for critical support. Closes below these levels will turn over sentiment to the bears. NFC Grain Afternoon Comments. (16)