Jun

4

 While most traders were transfixed by the stock, bond and gold markets Friday morning, Mr. Corn had a most peculiar move. The pit opened unchanged around 555 at 10am and traded up to 580 over the next two hours. All of this happened in the July contract, while the back contracts hardly moved. Mr. Corn then changed his mind and retraced the entire move and is closing down a few pennies or so on the day. So it had a 5% rally and a 5% decline … all in the front month. I can't remember the last time I saw Mr. Corn behave like this. Efficient markets? I think not. One hopes the Florida Surfer rode this wave gracefully.


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