In the past corn was the biggest mover in the grain complex, due to the high oil prices and the ethanol boom. After oil prices declined so did the volatility. Year to date, only Wheat and Soybeans have traded at 2010 highs. However, during the final week of the summer, Corn was able to join the rest of the grains in the complex by trading at the highest levels of the year.

Corn started the week on a positive note by trading above monthly highs. There was plenty of resistance at 449.75 which was the high made back in the first week of January. Wheat futures also got active on the first trading day for the week. After wheat settled down for the month the prior week, sellers offset their positions to book a profit which caused the prices to rise. Wheat had a volatile day by opening on the low side of the range, trading 30 points higher mid-day and then closing near the opening price. Soybeans continued to decline throughout the week until Thursday where they hit a major support price level of 1000.00. Unable to break the support, Soybean futures rallied on Friday on heavy volume right off the opening bell and into the final minutes of trading.

More buyers stepped into the market after stops that were previously placed above the market were triggered. Buyers pushed soybeans above weekly highs, allowing them to settle higher once again, for the month and year. Wheat futures traded in a sideways direction for the whole week until Friday, where they experienced a boost in price when buyers stepped in driving prices up for the day and week. Wheat hit technical resistance mid-week at 700.00. Unable to break thought that price; wheat prices advanced 40 points by the end of the week. With a choppy and light volume week, Wheat continues to stay at the highs for the year.

Corn futures were on the minds of grain traders all week as rumors had it that China was running out of their corn supply and is looking to import more US corn. Corn prices continued to inch up every day until Friday came. Corn opened couple points away from yearly resistance price. Buyers saw the technical up trend on the charts giving them more confidence to go long the market. Buyers were lifting offers on high volume when Corn broke above 450.00. A surge in volume propelled corn prices even higher throughout the day. Buyers kept buying on every dip pushing prices higher into the closing bell, thus settling up for the year. Welcome to the club Corn.

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