MN Broker Little Predictable and WOW Did You See That [Listen]
Last week's grain market action was another one for the record books! Gordy Kralovetz with Chiodo Commodities summed it up pretty well. "It was predictable and at the sametime it was like WOW did you see that." Wheat was locked limit up for a number of days, even with expanded limits. The greed factor had many traders trying to get in on the action fearing they were missing a great opportunity. Then when they finally got in or long wheat, when the last buyer was in there was no one left to buy and we locked limit lower for a number of days!
Gordy early in the week predicted that this would occur and turned out to be right. All the action in the wheat market did drag corn and beans along too. Of course there were the issues with South American weather, war in the Ukraine, Black Sea ports shut down, supply chain issues and bad weather in China's wheat growing areas. In addition it was very supportive with great export sales for corn and beans this week too. Plus, looking at the latest U.S. Drought Monitor released this week that was a little scary too!
Click on the link and listen to Grody with Chiodo Commodities talk about the grain and livestock markets last week.