Corn closed below 500, Wheat closed below 700

Short Corn at 498 (see post on Tuesday) with a stop of 513.  I will be looking to take some profits at 470 area and cover the core position at the 440 level.  

While I am bearish on Wheat, I did not expect a test of the 700 level this quickly.  As we can see from the chart below, the 680-700 level has been support 3 times.  This will be the last stand before a move to the 600 level (where the Black Sea wheat when from bad to worse).