What an amazing rally in the Dow this afternoon!
Rocket to the moon anyone? Up 10 percent?
Too bad no one mentioned to the commodities market that equities were about to take off for the stratosphere. Ag commodities were left behind in the choking smoke, with soybeans, wheat and oats all down on the day, with only corn slightly up. You can’t draw too many conclusions from that because the Chicago Board of Trade pits close hours before the New York Stock Exchange, and well before the stunning rally on the Big Board, but earlier in the day ag commodities didn’t share the same generally positive feeling.
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It’ll be interesting to see how ag commodities fare tomorrow morning. Will there be a lag effect? Will we get a final answer to the question of whether or not ag commodities are still joined at the hip? Will something in the overseas markets or in the NYSE’s opening tomorrow morning shake things up again?
Recently it’s been terrible for commodities to be tied to the behavior of the stock markets. Now that stock markets have turned around – at least for a day – it’d be nice to see the ag commodities go along for that ride.
