On the Grains
On Tuesday, the middle of the country had blizzard warnings, winter storm warnings, and high wind warnings, while the South had tornado, thunderstorm, flood, and red flag warnings in place. There were many areas where the moisture was more than welcomed, but dark skies added to the ominous feelings stirred up by the market selloff. The situation was looking panicky as the Dow Jones was down around 800 points mid-morning. It was no doubt helpful that stocks trimmed their losses considerably starting at around 10:30 am, which allowed May corn futures to finish 9 cents off their low and soybeans 8 cents better than their low.