Almost 2 months ago, a public alert was posted on this site. The substance of that alert was to warn readers that the grains were topping. It emphatically stated that "the tops were in", during one of the most volatile market environments ever. Those tops were Feb 10th, 2011 for wheat and beans, and April 11 for Corn. 2 months later, it is time to check the tape.

The highest that wheat has traded since the Feb major tops, was April 26th, the very week my alert was being printed and circulated. Furthermore, July chicago wheat has dropped over $2.00 in this 2 month period, without making new highs!
Soybeans also have NOT made new highs on the nearby chart. $14.55 was its Feb 10th top. The highest it has been able to muster is $14.19 on June 3rd. Currently soybeans are in the $1340's, and heading lower.
Nearby Corn has made new highs, but only by 16 cents. However, it has quickly retreated from those levels, dropping over a dollar in less than 2 weeks. Its top is more complex, but it is topping nonetheless.
In a time when massive market moves are occurring on a weekly basis, understanding the cycles that turn these trends is invaluable.

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