March corn (ZCZ25) futures hit a four-week low on Monday. January soybeans (ZSF26) have backed well down from their November high, while March winter wheat futures (ZWH26) (KEH26) have just hit four-week lows and are starting to trend down. The past week has seen the air come out of the bullish grain markets balloon.
Grain market bulls are working to stabilize prices early this week. However, price action the past week may be forming bearish pennant or flag patterns on the daily bar charts. Corn, soybean, soybean meal (ZMZ25), and winter wheat bulls need to step up and show fresh power this week because the confident, chart-based speculative bears are licking their chops.
