With that sudden 40 cent drop this morning I was expecting a bit more downage on tonight's open but so far only down about 4 cents !!!???
Maybe Corn will just flounder over night and make what ever move it is going to make in the morning on the 9.30 re-open again ???
I put my original post on this below as there were 38 reads and no comments.
So, maybe all agreed with what I wrote ??? Or didn't care to comment ???
I thought there might be something to be learned from follow on behavior, but so far Corn looks to be quite happy at 607 ish !!
Any Thoughts ???
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.
OR 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. Thanks, Lee