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back to new highs  Beans bounce back to new highs
Agriculture.com Staff 07/12/2007 @ 10:00am  Soybeans rallied to
new highs again this week, right after a bout of negative
technical signals in other markets. This brings back into
question the potential tops of the wheat and corn markets. Are
grains going higher still, or is soybeans just the last bastion
of bullishness left in grains this year?  This one becomes a
difficult call, but here are the pros and cons today of tops
being formed in grains:   1. Downside reversals in corn and
wheat in recent weeks.  2. Weakness in nearby corn futures (July
corn never tested old highs when Dec corn did two weeks ago -
weakness in nearby contracts is a sign of tops).  3. Good US
crops in 2007 (above average corn, soybeans, winter wheat, and
HRS wheat crops).  4. Early developing US crops (less chance of
freeze).  5. Improving world weather (including Ukraine, China,
and Australia).  6. We've solved the seemi