Most of the CBOT grain markets fell below the close yesterday, with the exception of soybeans and soybean oil in recent months. CBOT corn, soybeans, and wheat showed strength at the opening and once again tried to break through the resistance level on the chart, but was unsuccessful.

Is this a healthy adjustment or a top-forming act?

Agricultural market analyst Mike Minor (Mike Minor) said this is probably just a routine clean-up of the market as the market waits for a bigger weather story to unfold.

The wheat market has taken into account concerns about some global production issues in Russia and the Black Sea region. The European wheat market also declined somewhat on Thursday, so the US market adjusted accordingly.

Corn follows the wheat trend and is supported by slow planting progress due to excessive rainfall in key areas of the corn belt.

However, Meiner said, “The trading mentality is shifting from delayed planting to the idea that 'rain brings good harvest'.” This was supported by the US Drought Monitoring Report on Thursday evening Beijing time. The report showed that the dry area had been reduced to about 12%, the lowest level in more than a year.

However, from a technical point of view, he said the corn market is indeed worth watching. “If we continue to get better weather prospects and the July contract price for CBOT corn falls below the $4.53 area, then we may start discussing this similar to the situation in 2014. That year, our corn market price reached a low of $5 in late April or early May.”

Soybeans, on the other hand, are supported by lower estimates of Brazil's private soybean production, including recent floods in southern Brazil. Maina said that the base level of Brazilian soybeans is also about 2 US dollars higher than the same period last year, which is almost the same as the US price, which is also beneficial.

The problem, he said, is that the weekly soybean export volume is only 9.8 million bushels, which is still about 16% lower than the same period last year.

Even if it's not a top-forming act in this case, he suggests farmers use this rise to sell old and new products.

(The above opinion comes from AGWeb analyst Michelle ROOK)