contract	L-O-C low	date	L-O-C high	date	7-15 close
Dec’09 corn	$3.025	9-15-06	$7.02	6-16-08	$3.375
Nov’09 soybeans	$6.70	11-16-06	$15.545	7-3-08	$9.045
Sep’09 wheat (MGEX)	$5.60	12-5-08	$12.00	3-12-08	$6.19

New crop futures for 2009 corn (Dec’09 futures) have been trading for 3 years. The Nov’09 soybean contract has been trading for over 2 1/2 years and Sep’09 spring wheat  for a little less than two years. Life-of-contract low prices for each of these contracts were established early in the trading of each contract. Life-of-contract highs were established at very high levels during last year’s wild bull run.

Who could have imagined last year, when corn reached the $7 mark (and $4 higher than L-O-C contract low), that the market might set a new low before the contract expires in mid-December? It could happen – we are just 35 cents away based on last night’s closing price. Spring wheat is 60 cents away from a new low. These are not big price moves – roughly 10% lower than current market values.

Only soybeans, trading over $2 higher than L-O-C lows, seem safe from setting new low prices.