The Friday(6/4) selling pressure in the grain complex carried over into Monday. All grains traded lower on the Sunday overnight session so a weaker open was expected Monday morning. Corn futures broke below prior week’s support levels and traded down to 335.50. Corn was bound in a 3 point range the entire morning and into the afternoon. Corn futures ended the session on the lower levels of its range. Soybeans started the session on a weak note, but buyers weren’t shy to step in and push soybeans up a little. However mid-morning, soybeans made a new intra-day low, and started to trade in a narrow sideways direction. Soybeans formed a double bottom chart formation and rallied into the afternoon. When soybeans couldn’t make a new intra-day high, prices retreated and stayed in the middle of its range, but managed to close above its opening price. Wheat futures followed in corn’s direction as it broke below weekly support levels and stayed in a narrow range for the entire session. Wheat ended the day on the lower levels of its range.

Volume started to dry up on Tuesday as many traders awaited the USDA crop production report that was to be released Thursday. Corn had a choppy morning session, but picked up some upside action when prices couldn’t trade below prior day’s lows. Corn advanced in the afternoon only to be wiped out during the closing period when corn sold off heavily into the closing bell. Soybeans were the choppiest grain in the complex as it has no direction from the start. Soybeans did manage to make a new intra-day high in the afternoon, but gave back all gains into the closing period when prices drifted to daily lows and were able to make break below weekly and monthly support levels. Soybeans ended the session on a three week low. Wheat was also choppy from the opening bell as it had no direction and would trade in big ranges on a 5 minute time frame. Wheat futures did trend up and trade up to 436.50 twice, causing it to form a double top chart formation. When that resistance held, wheat prices sold off into the closing period and ended the session on the lower levels of its range.

Wednesday was poised to be a calm session on the eve of the USDA crop production report. Corn started the morning on a slow and range bound note. Corn stayed in a two point range during the morning session and slightly picked up some buying interest coming into the afternoon. When new intraday highs were made, the longs liquidated and corn made a new intraday low. Corn stayed in a narrow one point range into the close on light volume, as traders wanted to stay on the sideline coming into the report. Soybeans seemingly ignored whatever the report had to bring, as they were active on average volume. Soybeans started the session on a strong tone as it rallied to make new daily and weekly highs. The buying pressure continued as buyers stepped in during dips and rallied prices to new intraday highs. Coming into the afternoon, longs liquidated as prices drifted back to the middle of the trading range. Prices fluctuated in a choppy 5 point range before finishing off the session on the higher end of the day’s range. Wheat futures started the morning choppy as they were trying to find direction. When higher prices couldn’t hold and prices broke to make new intraday lows, the directional trend was set. Mid-morning, wheat prices got pressured by heavy selling as volatility picked up and prices fluctuated in bigger ranges on a 5 minute time frame. Prices continued to weaken during the afternoon and settled at its lowest levels for the year.

The USDA crop production report was released an hour before the opening bell. The report had mixed reviews as inventories were higher than expected, but demand is stalling. An active and volatile opening was expected as traders would digest the report and try to find the direction of the market. Corn futures opened gap up on high volume. Prices remained strong off the opening bell, however prices retreated and lost 8 points to fill in the gap. Once the daily gap was filled, buyers stepped in again and rallied corn prices. Corn ended the session in the middle of its trading range. Soybeans were weak from the opening bell. Soybeans had a choppy open as they were swinging in wide ranges. After the major rally soybeans received the prior day, buyers stepped aside after the report and let the sellers take control. Soybeans were pressured on heavy sell volume early in the session but stalled mid-morning. After the major break in the market bottom pickers stepped in and brought prices off its lows. Soybeans ended the session on a weaker note near the bottom of its daily range. Wheat futures followed corn as they also popped on the opening. Although wheat did not gap up, it did open above where the night session ended. Wheat stayed in a choppy session throughout the morning and into the afternoon. Buyers showed up and rallied wheat prices to new intraday highs. Once those highs were set and formed a double top chart formation, buyers stepped aside and let the sellers break the market as wheat gave away 9 points. Wheat futures did manage to settle up for the week.

On the last day of the week activity carried over from the prior day. Corn futures opened strong on carry over buying and made new daily highs. After the initial chart break out, prices retreated and drifted lower. Technically, since prices did break resistance levels, buyers wanted to retest it, as prices started to rally mid-morning. When new highs were posted once again, buyers kept buying into the afternoon and close the corn market up for the day and week at 349.50. After the massive sell off in the soybeans market, the selling was poised to continue. Prices were weak off the opening bell, but when support at 930.50 held strong, it was a buying opportunity. Prices started to lift higher and flirted with the positive territory, but kept getting pushed lower. Once soybean prices broke into the green, buyers started to lift the offers and push prices higher. Soybeans had a rally during the afternoon session and picked up more steam during the closing period as prices rallied to new intraday highs on high volume. Soybeans were able to settle up for the day and up for the week. Wheat futures followed in soybeans footsteps and opened weaker. Prices continued to weaken into the mid-morning and went into a sideways direction. Eventually, buyers kept pushing wheat prices up and finally were able to spike up on heavy volume into the afternoon. Wheat prices started to get volatile as they had wild swings in both directions. Wheat prices did break slightly, but buyers were able to lift them back into the closing period letting wheat settle up for the day. After a very choppy week, all the grains in the complex were able to settle up for the week and month.

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