2/24/2022

Feb 24, 2022


2/24/2022
What is there to say about today besides the obvious?  Markets opened for the overnight session unchanged but immediately soared higher following Russia's first pull of the trigger on Ukraine.  Trade was extremely peculiar with March 22 through March 23 corn trading limit higher but at different points throughout the overnight, March 22 and May 22 went into the coffee break locked limit.  Soybeans traded a huge range of $1.11 on the May 22 contract.  Beans traded 90 higher at one point throughout the night but were incredibly far off their highs going into the morning break and simply fell flat on their face in the day session, finishing 13-36 lower on the day.  We see unusually big moves on occasion during overnight trade and last night was the perfect example of why sell orders need to be part of your marketing strategy, they only fill if they are working.  Sell orders for $6 new crop corn, $17 cash beans, and $15 new crop beans filled overnight.    Wheat was the big winner of the day, posting large gains.  As of approximately 1:30 today: The DOW traded nearly 900 points lower at one point and has regained most of its losses, the NASDAQ and S&P traded largely negative this morning and have flipped positive this afternoon, crude oil is near unchanged after trading $7-8 higher overnight, gold traded nearly $60/oz higher and has fallen apart late in the day.  For sure the most intriguing day of trade in recent history.

5 minute chart for today’s corn and soybean trade.
chart.jpg

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