On a holiday shortened week, trading in the grain complex resumed on Tuesday with a strong tone.

All three grains were very active with increased volume as they traded above June’s highest price levels. Soybeans tested a key technical level of 900.00, as they marginally broke that support by a couple ticks and stops were triggered. Soybeans never traded at those levels again, as they posted a 60 point rally to end the week. Corn posted a modest 15 point gain for the week, and wheat trailed soybeans to post a 50 point increase. Corn’s rally came to a halt as it approached major resistance price levels of 390.00. Soybeans met resistance at 950.00 but were able to spike through those levels and advance higher. Wheat was able to continue its rally from the prior week as they broke above key resistance levels at 500.00.

Friday was poised to be a volatile and choppy day as traders were expected to book profits coming into the weekend, following a week and a half rally in the grains markets. Wheat started the Friday’s session heavily down at the open as longs were looking to liquidate. Corn and soybeans traded higher for the session as it traded on both sides of the ledger. When the closing bell period approached, longs ran for cover and started to unload which pushed prices of both corn and soybeans down into the closing minutes. Corn and soybeans closed the week positive and above June price levels. Wheat was the biggest gainer as it managed to close above March’s price levels. Once the USDA report was out and traders were able to better analyze the report, activity and volume picked up significantly across the board in the grain complex.

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