Weekly grain report

9/17/12: Monday just goes to show you how crazy things can get in today’s grain markets. Soybeans finished the day limit down, at 70 cents in Chicago futures, even though there were 7.7 million bushels of soybeans sold to an unknown destination over the weekend. The dollar was up and all the commodity markets suffered. Crude oil dropped $3/gallon in under a minute late in the trading day. Wheat prices dropped 45 cents from Friday morning’s recent high. Corn and soybean harvest yields were talked about as being better than expected but there didn't seem to be any hard numbers being reported. Soybeans will have their limits expanded to $1.05 per bushel tomorrow, but wheat and corn will remain at their standard 60 and 40 cents, respectively.

9/18/12: The slide continued on Tuesday, however it was not nearly as dramatic as Monday’s. Soybeans never tested their expanded limit, however they did close down 29 cents on the day. Wheat prices also dropped 15 cents after trading as much as 10 cents higher overnight. There still wasn't much news available. It would have been nice to see Egypt in after the last two days’ losses. However, nothing out of them as of yet.