MN Broker Said Grains Followed Crude Oil Up and Down [Listen]
Commodity Broker Gordy Kralovetz with Chiodo Commodities said corn and beans followed crude oils last week, up and down. Corn would rally up to overhead resistance and then back down. The spike higher in corn and beans would be early in the day "and then fizzle. Looking at the charts we did pretty much stay range bound for the week. There was likely some position squaring too as next week is Thanksgiving.
Markets close normal time Wednesday and remain closed until Friday morning at 8:30. Then they close early at around noon and open again Sunday night for the overnight session. Gordy said remember, the last few years the week of Thanksgiving has been a pretty good week, especially the shortened Friday after Thanksgiving.
There was some concern in the grain markets about COVID-19. Cases are spiking all around the world. In the overnight session crude dropped hard, corn and beans followed when news broke that Austria was 'locking down' again on Monday. Exactly what 'locking down" means we don't know yet. Plus there were concerns that other countries in Europe may follow Austria's lead.
However, as Gordy says 'the real world is still out there" and that is very good demand as the USDA announced a number daily sales again this week. Click on the link and listen to Gordy discuss the grain and livestock market action last week.