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| In the first 5 days after the embargo was put on by Carter, Corn dropped from $3.15 to $3.00 on the board of trade and trade in Corn never stopped trading. Wheat did show much more volatility with hrs wheat leading the pack, it actually dropped .30 cents in the week following the announcement, and if I member correctly it traded down a limit 2 days in a row, limits were .10 cents back then with No expansion of limits caused by limit moves.
As a side note be!ns dropped about .30 also on the news but started recovering on that thrusday and actually traded above the highs before the announcement with in 10 trading days.
One also has to member that Carter only embargoed one country (vs the embargo of 1973 and 1975 win which Nixon and Fird put on worldwide Embargos) and then country Carter embargoed bought NO cotn or beans from the USA.
I'm guessing you might have been busier with your new wife and kind of missed a few things in your memory!
BTW. Every grain printed new highs during the weather scare of summer 1980 and by a considerable margin, those sales and the foward sale for 1981 are what allowed me some breathing space going forward. | |
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Hard times in Arkansas
