Grains on Brink of Downtrend as Technical Advantage Shifts

Corn, soybeans, and wheat are on the verge of entering a downtrend as they break down on their daily bar charts. The technical advantage has shifted in favor of bears, making it essential for bulls to stage an intraday reversal.

The U.S. dollar index is around 300 points lower, while front-month crude oil futures are trading modestly lower this morning.

Meanwhile, the Trump-Xi summit failed to produce significant announcements on trade agreements and tariff cuts between the two nations.

Brent crude fell towards $105 per barrel, and WTI towards $92 per barrel last Friday due to reports of a potential phased deal between the U.S. and Iran that could reopen the Strait of Hormuz and lift a U.S. blockade on Iranian ports.