Simply note that lumber -- a key commodity for housing -- is at multi-year lows. This does not bode well for the future.
Notice the following on corn's chart:
-- After peaking last summer, prices have come down almost 50%.
-- Prices are now in the range of the 2007 prices (which composed a bull market pennant pattern)
-- Prices fell to 2007 lows but used these levels as technical support for a move higher
-- Prices are now above the 10 week SMA
-- The 20 and 50 week SMAs are both moving lower and will probably provide upward resistance.
Notice the following on soybeans:
-- Prices spiked earlier this year but have since fallen almost 50%.
-- Prices have fallen through technical levels established in 2004 and have rallied from levels established in 1996/1997
-- Prices are below the 10 and 20 week SMA, but are above the 50 week SMA
-- The 10 week SMA is still above the other two SMAs, but the 10 week SMA is also falling lower
