Soybean futures tested 1207'2 as Corn futures gapped higher.

Virginia McGathey breaks down the latest price action across the grain complex, starting with Soybean futures testing the $12 resistance level. Despite money managers adding to long positions, November soybeans pulled back after peaking at 1207'2. Corn futures gapped higher to start the week, driven by hot and dry weather forecasts along with lingering strength from a bullish WASDE report. Conversely, Wheat futures experienced a reversal, sliding to new lows despite the lowest production forecast since 1970. Export demand remains slow, prompting September wheat to drop to a 633'4 low.