Grain Prices Reach New Highs, But Selling Pressure Mounts

Grain prices closed mostly lower on Wednesday after a volatile session, despite reaching new contract highs across many contracts.

The strong gains in grain prices since mid-August have raised concerns about potential selling pressure. December corn has rallied 92½¢ per bushel, while November soybeans have risen $1.58¾ and December CBOT wheat is up $1.49¾.

However, momentum indicators are overbought, suggesting a pullback may be due. The short-term charts show that grain prices may face resistance at certain levels, with support and resistance points identified for December corn and November soybeans.