Activity in the grain complex was fairly quiet last week as prices were trading at multi month highs and there was no fresh news to push the markets any higher. Corn futures hit a new high last week of 6.67 a bushel, which marked a resistance level for Corn.

Prices floated in a range of 20 cents the whole week. Corn buyers attempted to push prices higher mid-week, but met resistance, enabling sellers to step in and pressure Corn prices lower into Friday afternoon. Corn settled the week lower than the prior week at 6.44. Although prices closed lower, they are still up for the past two years.

Soybean futures have been trading above their key technical support price of 14.00 a bushel for nearly two weeks. Sellers stepped in Tuesday morning pressuring prices below 14.00 on high volume, as pre-placed sell stop orders were triggered. Buyers tried rallying prices higher into Friday, but they were unable to settle the March contract above 14.00. After a choppy week of trading in the Soybeans pit, prices settled the week down at 13.98.

Wheat futures were the most active markets in the complex. After being able to settle above 8.00 dollars a bushel last week, this prompted buyers to step in and add to their long positions. Prices rallied throughout the week into Thursday. When Wheat was unable to trade above their contract high price of 8.6450, sellers saw this as an opportunity to trap the buyers and sold the market into Friday afternoon. After failing to break their contract highs, Wheat settled the week slightly up at 8.2575.

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