Market Recap 21.12.09
The markets just didn't know which way to turn after a massacre the night before. Wheat turned around and posted a decent gain, although it is difficult to apportion blame for the move, even for this market. Corn didn't rally, beans were off, the USD held pretty steady and not much buying demand now Egypt had a gutful mid-last week. A broking firm got fined $495K for rogue trading a few years ago; I believe that that 'rogue' trader thought he was in a scene from Brewster's Millions, as by the time the carnage was fixed he lost a cool $141m. The wheat plant in India is apparently up this year, and the talk is still about the Index rebalancing in the new year, now given that every move until the day they do their calcs will impact the size of rebalancing. How big the Index rebalancing will be can be added to the list of unanswerable questions: Who shot JR? Why do people still support Hawthorn? If I am in a forest and Big Aggie is nowhere to be seen, am I still wrong?
Date of Publication: 21 Dec 09 9:10am ACST
Source: ABB Grain
