Activity across the board was poised to be light due to the holiday shortened trading week. The grain complex has gained attention from trades recently, especially in the Corn and Soybean pits as they are trading at multi month highs once again.

Corn futures started the week higher on light volume, but were able to settle above their technical resistance price of 6.0000 a bushel. These prices have not been seen since the summer of 2008 when crops were damaged due to the mid-west flood. Corn prices continued to rally throughout the week and settled higher for the seventh day in a row on Thursday. Corn prices ended the shortened week at the highest levels in twenty nine months. Corn’s high prices are getting supported by global supply worries and the rally in Soybean futures.

Soybeans also started the week off to a bullish start trading above their technical resistance price of 13.0000 a bushel. After settling above the threshold last week, Soybeans traded higher everyday of the week. Soybean rallied on strong export demand and crop concerns in Argentina. The dry and hot weather in that region are worrying Soybean traders. Soybeans also were able to settle the week at their highest levels in two years. Starting Monday December 27th, the March contract will be the front month to trade on Soybeans.

Wheat futures have been trading erratically with no given direction. The macro trend is up as prices are at their highest levels in two years, but the minor trend has been sideways. Wheat futures traded the week on very light volume. Wheat futures settled slightly lower than their prior week’s closing price, currently at their highest levels for 2010.

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