Minnesota Broker Says Another Week Big Swings Very Low Volume
Commodity Broker Gordy Kralovetz with Chiodo Commodities said it was another week with huge price swings and very low volume. The volume was as low as Christmas and it was like "no one was playing the game anymore" except maybe the the funds and their computer programs? It seemed like the computer program would get a buy signal, run the price up and then get a sell signal and grain prices would drop back down. With such huge swings maybe it is mostly the funds running prices back and forth?
So, after all the price action last week the corn and soybeans are still range bound although the ranges are quite large. Looking forward to next week traders attention will be on the Russia Ukraine war, along with the weather in South America. There is no question the soybean crop as been decreased but how much? Plus, the second crop of corn is still being planted right now. Unless the weather improves a lot soon traders will be focused on how much the corn crop will be decreased.
In addition very soon farmers down south will begin planting the U.S. corn crop. Click on the link and listen to Gordy talk about last weeks market action.