The grain complex started the week off in a very quiet manner as traders were returning back from the prior holiday week. There was no action in the grain complex until the Tuesday overnight session when Wheat futures triggered Buy Stops above 7.0000. That rallied prices on the night session on increased volume which caught Shorts off guard, as night session usually has very little activity. Soybeans and Corn traded up with wheat on the night session as well.

Prior to the opening bell Wednesday morning, news came out that Egypt was in the market to buy US Wheat. That news supported Wheat the whole day as prices rose .5000 cents during its high. The chaos in the wheat pits spilled into Corn and Soybeans as they rallied for the Wednesday session. During Thursday’s session Soybeans and Corn phased out, while Wheat was taking charge and continued to rally higher. To end the week, all the grains united and rallied once more. Soybeans were approaching their technical resistance level of 13.0000, which they were able to break though slightly as the buyers met sellers wanting to keep prices below the resistance. Wheat, to no surprise, advanced on the final day of the week backed by Egypt buying, technical break outs, and short covering. Wheat posted a .10 cent rally in the final minutes enabling them to close at their highest levels for the year. The next major level Wheat will face is the technical resistance price of 8.0000.

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