By Elliott Wave International
Over the past few months, leading grain prices have climbed up the commodity wall like a "mile-a-minute" kudzu vine. From late June to early August, the big three grain markets (wheat, corn, and soybeans) soared 40%-plus in a coordinated rally to multi-year highs before leveling off.
The question on the minds of market participants is simple: Is the grains’ uptrend set to end?
Well, according to the mainstream experts, the answer is a definite NO — and an equally definite YES. See, according to recent headlines, grain prices are as likely headed for strong gains as they are for a world of pain. On this, following news items capture the very conflicting grain complex picture:
- "Wheat futures decline, fall most in two weeks after Egypt looks elsewhere for supplies… We have a bearish tone." (Wall Street Journal)
- "Wheat Soars Despite Reassurance On German Crop." (AP)
- "Corn Above $5-per bushel mark; prices expected to pull back." (Cattle Network)
- "Corn (Soybeans) Still King… the bull market is intact for now." (Farm Forum)
- "Grain Markets Are Hot: But Is It Too Late? One money manager believes the dance will soon be coming to an end." (Minyanville)
I rest my case.
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This article was syndicated by Elliott Wave International and was originally published under the headline Will Grains Gain OR Wane? Find Out For FREE. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.