Even though the most recent USDA report was released almost 3 weeks ago, it is still having an impact on the price of grains. After the report, Corn and Soybeans settled limit up and continued to rise. Buyers were unsure of how much higher prices could go up, and sellers were scared to become a contrarian and short a major up trend. This uncertainty put the Corn and Soybean markets in a sideways trend(on a daily chart). Both grains were stuck in a 20 cent range for 2 weeks.

Corn started the week steady, trading range bound around their weekly support and resistance levels. Corn continued to have incremental gains throughout the week on average volume. Corn was able to settle the week and month at their highest price in two years. Soybeans followed along Corn as they also had incremental gains throughout the week. Soybean had an interesting overnight session Tuesday, as prices broke down 20 cents on very light volume, and once the day session opened on Wednesday, markets recovered the losses and settled in the positive territory. Soybean prices continued higher into Friday where they settled up for the week and month. Soybean and Corn prices are closing higher every week pushing them both above two year highs.

Wheat futures have been trading below their key technical price of 700.00 a bushel, putting prices down for the month. Wheat didn’t follow the other grains in the complex, as they were the strongest grain in the pits. Wheat traders stepped in and started buying across the board lifting prices above 700.00 and continued to rally the market higher into Friday’s closing bell. Wheat futures were able to close up for the month after an extremely choppy month.

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