Market Recap
Markets were extremely volatile today, led by sharp swings in the metals. Gold and silver surged early, with gold briefly up nearly $300 per ounce and silver up about $7. However, the rally collapsed quickly—silver fell nearly 15% and gold dropped close to 10% within hours. That reversal spilled into other commodity markets.
During the early metals surge, algorithmic buying spilled into grains, pushing prices higher. Corn traded up 4 cents, soybeans hit new highs for the year, and July beans moved well above $11, up nearly 10 cents. But once the metals cooled, so did crude oil and grains. Farmer selling picked up and the familiar session-day selling pressure returned.
Grains
Wheat held onto gains:
Chicago March: up 3¢ at $5.39
Kansas City March: up 2¾¢ at $5.44¾
Minneapolis March: up 5½¢ at $5.79½
New-crop September: up 5½¢ at $6.19¼
Corn ended mostly steady:
March: $4.30
May: $4.38
July: up ¾¢ at $4.44¾
