MN Broker Grain Markets Came Back After China Economic Jitters
Commodity Broker Gordy Kralovetz with Chiodo Commodities said the grain markets came back aggressively after concerns about the China economy early in the week. It was the week before there were rumors about a large China business was in financial trouble. It was a company that built ghost cities in China. They would build a city for maybe 50,000 thousand people in the middle of nowhere and then sell homes and buildings as Chinese people moved in.
Over the weekend there was talk another similar company was in financial trouble in China which really got the markets roiled up. Our stock market was selling off sharply and of course the grain markets were selling off too. Then during the week it became obvious China was not going to let their economy melt down and the financial markets recovered along with the grain markets.
Gordy Kralovetz with Chiodo Commodities said we "shook the tree pretty hard" and it was encouraging that the grain markets closed out the week Friday about unchanged. Now we need more harvest reports to provide direction along with the USDA Grain Stocks Report that will be released Thursday morning at 11:00. Click on the link and listen to Gordy talk about the grain markets last week.