WASDE Bullish Soybeans

So much for an exhaustive phase for soybeans.  Soybeans blew through all resistance levels yesterday to prices not seen since July of 2014.  The bulls are clearly in control.

Any sort of meaningful retracement to exit hedges will be recommended, but the $9.40-9.50 level is now in the history books as an actionable place to do so.  With no news to trade on except for planting progress for a few weeks, a dollar rally could bring the soybeans back down to earth.

Corn also posted large gains, only to bring it back into the same range it has traded in for most of this year.  I am keeping an eye on the downward resistance line as that should mark the beginning of a rally of sorts for corn, probably back to the $4.10 level as a minimum.

The dollar is rebounding and likely moving higher.  That was the premise for believing commodities would be held in check temporarily until the markets began trading on weather scares.  It appears to me that the grains are not going to pay attention to what the dollar does.  Bullish strategies will be my primary focus from here on out.