MN Broker Says We Saw All Kinds of Craziness Last Week
Commodity Broker Gordy Kralavetz with Chiodo Commodities said in the Weekly Ag Market Recap that we saw all kinds of craziness last week in the grain markets. Remember, the previous week the day after Thanksgiving the grain markets were hammered the new COVID variant. All the talk was there may be another worldwide shutdown or lockdown. Very little was known about the new variant as to how transmissible it was or how deadly.
Here we are one week later, maybe the new COVID variant does not make you as sick as the others? It always seems like the grain markets assume the worst or most bearish reaction to any unknown. It was very encouraging during the hard break when corn and bean futures were moving sharply lower that the cast market did not follow. Looking at the cash bids at local ethanol plants, feed mills and elevators the basis narrowed up a lot!
So, by the close on Friday corn and beans were back in the trading range we were in just before Thanksgiving. Like Gordy said all kinds of craziness and we are right back where we were! Click on the link and listen to Gordy discuss the grain and livestock market action last week.