[Listen] Gordy Ag Market Recap It Could Have Been Worse

It is sometime hard to believe how quickly things can change in the ag markets. On Wednesday both corn and soybeans were challenging the highs for the move. Thursday morning about 4:30 when I got to the studio both corn and beans were sharply lower. At that time there isn't anyone to call and ask! Plus there usually is not anything on any ag  websites either. I guess everyone is still sleeping except the computers sending orders to sell!

When I talked with Gordy on the air at 8:30 he was a little surprised at the big move lower too. Apparently it was a "risk off" day for almost all the markets. There was concern with the rising COVID-19 cases and that there could be another lock down  causing significant damage to the economy. In addition there was the unknown about the elections coming up on Tuesday. Gordy said it seemed many traders were taking money off the table and planned to let the dust settle after the elections.

While all that is probably true Gordy had a great point he mentioned Thursday. The basic fundamentals that rallied corn and beans in the first place had not changed from earlier in the week to later. We still have huge export and domestic demand, the weather in South America and other major grain producing areas is still less than ideal, and there are record high corn and bean prices in China and Brazil.

In fact it was confirmed today Brazil has imported beans from the United States because they exported too many beans! Click on the link above and listen to Gordy talk about the ag commodities last week!