History shows that the several days following the Fourth of July can be pivotal for grains futures prices. Existing trends in the grain markets can be reversed or accelerated.
Grain bulls showed some promise in the two trading days before the July 4 holiday, producing technically bullish weekly high closes in corn (ZCZ25) and soybean (ZSX25) markets, with winter wheat futures (ZWZ25) also posting good gains. Indeed, grain bulls headed into the three-day holiday weekend with confidence that their markets could extend gains when trading commenced on Monday, July 7.
