With the end of summer months approaching, activity in the grains complex started to sizzle with dry weather in the Midwest paired with Corn and Soybean futures trading at contract highs. Wheat has been a calm market, but has steadily risen through the month of August.

Starting the week off, Wheat futures traded at 2 month highs and the buying interest continued to pour into the markets throughout the week. By Friday, Wheat futures traded above their major technical price resistance of 8.00 per bushel. Volume picked up when Wheat rallied through their resistance as pre-placed buy stop orders were triggered. With the price advance in the Wheat pits, they were able to settle the week once again higher than prior weeks, and at the highest levels in two and half months. Going forward, 8.00 per bushel will be a pivotal price for Wheat.

Soybean futures started getting some attention from grains traders when they traded slightly above 14.00 per bushel on Wednesday morning. With the November Soybeans trading between 14.00 – 12.50 from the start of the year, traders wanted to see if Soybeans would break out of their yearly trading range. Even though Soybean prices were unable to stay above 14.00 on Wednesday, buyers stepped in once again on Friday and rallied the market above 14.00 and propelled them higher once Soybeans broke above their contract high of 14.1125. Once it was evident that prices were moving higher, buyers kept lifting offers and sellers were running for cover and volume picked up throughout the day. Soybeans futures ended the week on a positive note and settled at all time contract high 142350.

Corn futures once again were in the spot light as prices continued to rally thought the week. Corn started the week trading at contract highs and continued to perform into Friday. After Corn futures punched through 7.50 per bushel Friday morning, prices continued to rally higher into the closing bell. December Corn futures settled the week at the highest levels for the contract and year at 7.67. Markets will stay closed on September 5th in observation of Labor Day.

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