Well the story of the day definitely was Goldman Sachs being charged with defrauding investors. Goldman Sachs is one of the largest commodity trading funds, and while the fraud charges relate to sub-prime mortgage securities, the news sent shock waves through the entire commodity sector. A rally in the U.S. dollar coupled with a more than $2.00 a barrel drop in crude oil futures sent negative waves filtering through grain markets from the outset. Heavy speculative selling was featured, as the market lacked the fundamental stamina to sustain previous price levels without a supportive spark to attract fresh buying.
Chris Spurlock
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