After an extended holiday weekend Tuesday was poised to be a slow day in the grain complex as traders had not fully returned. After the opening bell, corn futures drifted in a tight 2.5 range for the entire morning on light volume. In the afternoon some activity appeared, as corn made new intraday highs breaking above its narrow range. But during the closing period, corn sold off heavily as it got slammed down to make new intraday lows as it settled at the lower end of its range. Soybeans were the most active due to the decent volume for the trading session. Soybeans sold off mid-morning and made new intraday and daily lows, finding some support on a double bottom chart formation, and started to rally up before they got slammed back down during the closing period. Soybeans ended the session at the lower levels of its price range. Wheat was the choppiest in the grain complex as it would fluctuate in big intraday swings within its daily range. Wheat rallied alongside soybeans, but once the buyers stepped aside, wheat futures sold off into the close as it made new intraday and daily lows. Wheat also settled at the lower end of its range.

Corn started off to a slow start as it stayed in another tight intraday range. Mid-morning, corn saw sellers stepping in as they sold corn down to make new daily, weekly, monthly lows, and 2010 lows. Coming into the afternoon, sellers kept selling as prices continued to get weaker and was able to settle at its lowest levels for the year. Soybeans were the least active as they managed to stay in a narrow range the entire morning. Once soybeans were unable to break above its daily resistance levels, they slowly sold off to make new intraday lows but were able to hold its daily support price of 930.50. Soybeans settled up for the day and week. Wheat was a very active market as it had a rally off the opening bell, but after hitting resistance multiple times, wheat futures sold off to its intraday and daily lows. Wheat hit support at 448.75 and started to trade sideways for an hour. Wheat attempted to re-test the support price and was able to break through, as it sold off on increased volume and was able to once again close at the lower end of its range.

Corn started Thursday off on a choppy tone. Corn was strong at the open, but got weak as it made new daily lows. When sellers couldn’t push corn prices down any lower, buyers took the opportunity to rally the market as it made new intraday highs, and for the first time for the week closed in the positive territory. Soybeans opened up with a 1 point gap. Soybeans attempted to close in the daily gap, but once it wasn’t able to, buyers stepped in and rallied. Soybeans had the highest volume for the week. They would spike up with fresh buyers pushing it higher throughout the day. Anytime soybean prices would drift sideways, buyers would step in and push prices up. Coming into the close soybeans were already strong, but they managed to rally even more in the final minutes of trading. Soybeans were able to break above prior 2 weeks highs. The contract closed up for the day and week. Wheat had a choppy session off the opening bell, selling off to make new daily and weekly lows. When those lows were in place, wheat posted a small rally only to be taken away when prices broke and traded to its daily low at 440.50. When those lows couldn’t be taken out, Wheat rallied to make new intraday highs. And once again, as wheat was coming into the closing period, it sold off on increased volume and for the third time attempted to make new lows below 440.50. Wheat futures closed few ticks above the daily and week lows at 441.75.

It looked like traders were finally back as Friday had high volume across the grain complex. Corn started the session with a tight range of 2 points and with a major resistance at 346.00. When those prices held strong, corn prices sold off slowly. Corn would have minor up spikes but that didn’t affect prices as it got weaker into the afternoon. Corn sold off into the closing bell breaking below the support price of 340.00. Corn futures closed down for the day, week, month, and year. Soybeans were very active as buyers sold off previously bought contracts the prior day. After an impressive rally on Thursday, traders seemingly liquidated positions and waited on the sidelines. After an initial break in the soybeans market, they traded sideways the entire morning. After they were able to make new weekly highs, one would think prices would remain strong, but they didn’t, and soybeans sold off in the afternoon. They ended up making an outside day formation on a daily chart. Soybeans closed the session on a weaker note near its daily and weekly lows. Wheat futures were range bound from the start, finding its daily range during the opening period. Wheat traded a 3 point range in the morning, but broke to the downside in the afternoon. During the closing period, they sold off and made new daily and weekly lows. Wheat futures are now at levels below the lows of 2008 and 2009.

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