Trading resumed its normal course with its first full week of trading for the month of September. With corn being the hot commodity in the grain complex, Corn Futures started the week strong by continuing the rally from the prior weeks and made another yearly high. The action in the Soybean pits dried up after making new 2010 highs the prior week. Soybeans started the week mixed as they traded on both sides of the ledger. Wheat futures followed in the footsteps of Corn by making new highs for the month on average volume.

Corn futures continued its rally into Tuesday hitting a new high 495.50. With a major technical and psychological resistance at 500.00, there was a lot of selling and profit taking. Corn kept hitting resistance on light volume which cased it to trade in a sideways into Friday. Corn futures came into the last day of the week poised to continue its major rally as bulls were eyeing to break the 500.00 resistance. As soon as the opening bell rang, buyers bought the market causing corn prices to gap up above 500.00. Volume picked up substantially as shorts ran to cover previously sold positions, and buyers kept lifting the offers. Corn futures were once again able to close up for the week, month and for the first time, they closed above 2007 yearly highs.

Soybean Futures traded sideways until Friday with the help of buyers from the Corn pits. Action in the soybean pits picked up as technical traders stepped in after prices broke weekly and monthly resistance levels. Soybeans rallied into the close, putting prices above 2007 levels also. Soybeans and Corn were in the spot light within the grain complex. Wheat futures traded the whole week in a sideways choppy session and ended the week marginally up. Wheat prices have gone range bound after the major rally from July through early August phased out.

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