I believe we have a top in the dollar, and expect a substantial drop to occur soon. This will be a nice and welcome wind behind all commodities, and the grains in particular. Like commodities, the dollar also has 3 year cycles. I did a post explaining this back in July. It is my opinion that the dollar is, at the very least, at an intermediate top, and probably a 3 year cycle top. I expect the dollar to bottom some time next summer.
While picking tops is not my forte, I have a reasonable shot at picking bottoms. Because the dollar trades inverse to the Euro, I can use the Euro to help spot when the dollar is topping. Notice how the euro optimism index at the bottom of the chart is beginning to turn up from excessively pessimistic levels?
On the weekly chart, all the oscillators I study are on the verge of giving buying signals.
Oil today dropped 4%, so this 3% move in corn should not surprise anybody. I don't see any technical damage to the corn chart. My expectation is that this is was a profit taking event after a strong couple weeks.
It is no secret that since the summer lows, soybeans have rallied much higher relative to corn. The new crop soybean/corn price ratio is at historically high levels of 3.05:1 old crop and 2.7:1 new crop. I think this ratio will come back in line over the next couple of months, more to the benefit of corn than the detriment of soybeans.