The grain complex experienced volatile price swings throughout 2010 enabling prices to settle above multi month highs. Corn started the New Year off making new highs on Monday morning, but prices could not hold, causing them to drift lower throughout the day. Once Corn broke through prior week's support levels, sellers hammered the market lower causing bulls to liquidate.

Volatility started to pick up across the grain complex causing wild price swings throughout the week. Corn prices penetrated through their major support price 6.00 on Friday morning, triggering sell stops previously placed below the market. Corn futures settled the week down on liquidation closing a few cents below 6.00. Soybeans had similar action to Corn as prices traded briefly above 14.00, only to get pressured down by sellers driving prices below key technical supports. Soybeans started to make bigger price swings throughout the week as well. Soybeans also closed on the lower levels of their range based off weekly charts. Wheat futures caught the eyes of bulls once prices traded and closed above 8.00 Monday afternoon. Wheat traded on both side of the 8.00 handle as the bulls and bears went at it into Friday afternoon. The bulls gave up on the last trading day of the week as prices declined on heavy volume. Wheat futures ended the week down below 8.00.

Traders will stay on the sidelines until Wednesday morning when the USDA crop report will be announced. This report will set the macro trend in the grain complex for the next few weeks.

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