The EIA figures show an unexpected drop in crude oil inventory, putting upward pressure on crude oil prices and driving the price of crude oil through $104/barrel.Initially this caused soybean prices to reach lock limit up. However, within minutes, soybean prices have plunged, following by more buying. I have noticed that the strong build-up in the bid pool is considerably less today, suggesting that buyer momentum is less than it has been in the past few days. What a wild ride!
Corn has fallen back to yesterday's settlement price, and is trading freely and with excellent liquidity.
Gold has surged to $950/ounce, and the US Dollar has continued to fall, following yesterday's drop.
