I may be twisted on some of this so I am trying to write it out.
Corn was limit down (-40 cents) from the 9:30 re-open this morning. (Should be Central time)
At 611.5 per contract
It traded briefly around Noon up to about 613.5
What had to happen here ?? I see two scenarios.
A buyer came in with a bid above 611.5 and a seller came along and met that bid.
A seller came along with an offer to sell (an ask) above 611.5 and a buyer came along and met the offer to sell.
In either case a transaction should occur.
Trading should continue as long as the "asking price" is above 611.5.
Is this logic correct ???
The next part/question just got answered as it appears the exchange has updated to the new daily limit and the bid and ask are now at 609.0
The posted bid and ask should continue to update right up until trading resumes at 7pm Eastern.
Now at 608.0 while writing this.
So, if these numbers were to hold, trading should resume at 608.0.
Appreciate any comments.