[Listen] Gordy AG Market Recap Grans Sharply Lower Late Week
It was Wednesday and both corn and beans were trading at recent highs. Then things changed very quickly. It was pretty ugly for the bulls by the close of trade Friday afternoon. It seemed very quickly the bears had all the news in their favor. Some of it was actually news, as some of the weather forecasts were putting a little more rain in the forecast for the weekend.
Remember a very large percent of the corn and soybean crop in the U.S. were in some stage of drought. The weekly U.S. drought monitor confirmed just how dry it was in a large area of the U.S. Then Federal Reserve Chairman Powel was testifying in Congress and talked about the need for higher interest rates to continue to fight inflation.
In addition during the overnight session a number of countries in Europe announced they were going to continue to aggressively raise interest rates. Click on the link above and listen to Gordy talk about the Ag Market Action last week.