Monday was the first day for the September contract to be the front month for corn and wheat, and November for soybeans. After a strong finish on Friday, which put all the grains within the complex up for the week and month, one would only expect the uptrend to continue. Monday’s opening bell pushed all the grains up, crossing weekly resistance. All grains were strong except corn which gave away all their gains and ended the session on the lower end of its range, forming an outside day chart formation. Wheat and soybeans finished the start of the week in positive territory and above their opening price.

The selling pressure continued Tuesday in the corn pits right off the opening bell. Corn did have a choppy session but stayed in the negative side of the ledger the whole day. Soybeans opened steady to slightly strong. When soybeans failed to cross intraday resistance, the bottom fell out and soybeans broke down on heavy volume and ended the day in the red and also formed an inside chart formation. Wheat opened the morning on the weaker side. After trading in a choppy morning session, wheat found support at 472.00 and when prices held, wheat took off to rally up but met resistance at 478.75 which caused them to end the session slightly down on an inside day chart formation.

Corn continued it’s major down trend into Wednesday. Right off the opening bell, corn futures fell and broke daily support prices and continued to drift lower the entire session. Soybeans opened the session on a very weak note with a gap down chart formation. Initially soybeans picked up some of its losses, but when the down sloping trend line held its resistance, soybeans continued to go lower for the entire day. Soybeans ended on the lower end of its trading range. Wheat started the morning on a strong as it crossed daily resistance levels and stayed on the higher end of its range. When daily resistance held firm, prices retreated and started to break during the closing period with a 5 point drop. After a choppy session, wheat ended flat for the day.

Once again corn continued the downtrend into Thursday. Corn prices dropped off the opening bell below prior day’s support levels and after a double bottom chart formation was met, prices picked up to meet resistance at 357.00. When resistance was not taken out, prices started to drift lower. Corn ended the session down once again. Soybeans also started the morning on a weak note by trading below prior day’s low, met some support at 918.00, then prices rallied about 7 points and halted. Soybeans went on a sideways direction until the afternoon when prices broke down on heavy volume and ended the session a couple points away from major support 910.00. Wheat futures had a very choppy opening by forming its daily high and low range within the first half hour. After breaking above the highs, wheat rallied up to 483.75, but prices fell apart and started to come back into the negative territory into the close. Wheat ended the session slightly up after a choppy and volatile session.

Friday was no different for corn as it held the down trend and traded below prior day’s lows. Corn had a slow morning as they traded in a narrow range, but when the afternoon hit, corn futures broke their intraday lows and got pressured down. Volume picked up when the break in the market continued without any pullbacks. Corn ultimately sold off 4 points during the closing period to end the day and week down. After an active session for soybeans, Friday was the opposite as the beans were steady to sideways the entire morning with light volume and no trend. Soybeans met resistance at 917.00 on multiple occasions, and when those prices held, prices drifted lower on low volume. Soybeans ended the day flat but the down for the week and also formed an inside chart formation. Wheat gapped down at the open and stayed in a narrow range for the entire morning. Volume was light as prices stayed in a 2 point range. During the closing period wheat futures picked up volume and got active as prices headed south breaking daily support prices but held support at 470.00. Wheat ended the day in the red and also managed to pull prices down for the week.

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