Grain traders experienced extreme price swings during the last week of June. Rollover was complete the prior week, and now traders were waiting to hear the stock/inventory numbers from the USDA Thursday morning. There was definitely price volatility in the Grain complex on the eve of the report. Traders, hedgers, farmers, funds, and elevators were either; positioning in or exiting out of the markets before the numbers were released at 7:30 ET. The USDA announced corn stocks down 15% from June 2010, Soybean stocks up 8%, and Wheat stocks down 12%. The bearish report sent Corn and Wheat futures limit down during Thursday’s trading session. Although Soybeans numbers came out better, traders sold them off as well. The July Corn contract which is expiring went down 69 cents, nearly 10% down. In the Grain complex, expiring contracts have no price limits. Since December Corn and September Wheat settled Thursday’s session at their limit offer, the CME Group imposes an expandable limit of 45 and 90 cents respectively. Grain traders were shocked with the two reports from the USDA. One report estimates farmers planted 1.7% more acres from the estimates issued three weeks ago. The other report put the amount of corn inventories down 15% from a year ago. Corn futures recently traded at $8.00 per bushel and now they are trading below the 6 handle. Friday morning, Corn briefly traded down at their expandable price limit of 45 cents. Traders saw this as a buying opportunity as prices have fallen for three straight days and sellers were looking to book profits. Corn prices rallied into the afternoon and slightly traded above 6.00. Wheat and Soybeans also traded higher for the session. Corn futures ended the week down and below mid March levels. Soybeans ended their week slightly up from prior week, and Wheat settled at the lowest levels for 2011 and right below where Wheat prices were in July 2010.