Marty Hibbs of the Grain Farmers of Ontario points out corn prices recently met the $3.80 resistance level before heading back downward.
He says producers will have to wait and see how much of a pullback will occur.
He notes the overall charts look positive for the long run, but more pullbacks are expected as it will take time to turn the trend positive once again.
The analyst says wheat prices are currently correcting after hitting $4.64 on the March contract.
It's expected the adjustment could take several weeks before another shot at that level can be attempted.
Hibbs also suggests soybean prices will soon pick a direction as the trading range continues to narrow.
He feels the pressure right now favours a break below the $10 level, but until that happens, the range remains between $10 and $11 dollars with support on the March contract still at the $10 level.
He also notes, as the switch is made next week to the May contract, indicators will be mixed.
