Corn, Beans & Wheat Markets Show Signs of Potential Breakout

The corn, beans, and wheat markets are showing signs of a potential breakout according to Tim Healy, a broker at Walsh Trading. The contract for corn has been in a range-bound consolidation phase since early September, with prices hovering between $527 and $544.

Healy notes that the 21-day moving average (MA) is still rising gently, while the shorter-term MAs are converging around $532-$533. This suggests that the market may be due for a breakout to the upside.

The soybean market has been in a strong uptrend since late June, with prices rising by over 14%. The recent consolidation phase has seen prices trading between $1300 and $1330, with the MA structure showing a bullish alignment. Healy recommends buying dips towards the MA7/MA14 zone or holding the 1310 area.