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| Actually this is more like our fathers market then you think.....I believe it was in 1974 nearby corn dropped over $2 a bushel in one day......There were some wild markets in the latter 1/2 of the 70's......to many limit moves to count, in contracts that had a limit. And then there were the weather markets of 80's. I just started farming in 1977 and endured some of the wildest markets during the 80's. Those weather markets were breath taking. I beleive one day in one of thsoe 80's weather markets, beans had an expended 45 cent limit (30 cent was standard), from the limit move the day before. The November beans peaked at limit up 45 cents and then fell 90 cents to limit down. So 90 cent moves when beans were half the price of today.......so this stuff is not new. And remember the wheat squeeze where the wheat market rallied about $4 a bushel squeezing some specualtor out of millions? None of this stuff is new at all. Commodity markets can give a guy whip lash, been that way since the begging of time.....None of this surprises me in the least, in fact it would be surprising to me if it didn't end this way.......huge basis push and huge invert to Dec. totaling $2.50, meant it was gasoline that only needed a spark and boom......it had to end this way, can't really feel sorry for somebody that got caught in the gate.......JP
Edited by John from S. MN 7/25/2013 18:36
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corn basis
