Labor Day Holiday Trading Schedule
It has been a tough week for corn and soybean markets. At this point corn has lost about 40 cents a bushel and beans 60 cents. Many times the corn and soybean market see a change in direction after a long holiday weekend. Let's hope that is the case this weekend too! It seemed like the bears had everything going their way so far this week including the massive hurricane IDA that devested the New export facilities.
Many of the export loading terminals at the Gulf were damaged by hurricane IDA. Plus no one knows how long it will take to get power restored, not to to mention the employees that had their homes damaged or destroyed. On the positive side if there could be one, corn and bean stocks are very tight and there is likely very little available for export until we begin to harvest the new crop.
Remember, the markets close at the normal time today. I was thinking with the Labor Day weekend they would close at noon today but that is not the case. After the close today the grain markets will not open again until Monday evening for the overnight session. The livestock markets will reopen the normal time Tuesday morning.
This is not like Christmas where basically the whole world shuts down. Labor Day is a U.S. holiday so the rest of the world will be open and trading Monday. Typically though it is pretty quiet unless some event occurs to 'shake the tree."
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