Corn, Soybeans and Cattle Drop the Limit on Japan Fears
What was described as “panic selling” caused corn, soybeans and live cattle to drop their limits Tuesday on the Chicago Mercantile Exchange as investment money fled the markets and the uncertainties surrounding the aftermath of the earthquake/tsunami in Japan.
The earthquake has taken about ten percent out of the cash value of Iowa’s grain and livestock production since last Thursday night, according to rough estimates.
“The market is looking for different headlines, and until we get them investors will want to stay out,” said analyst Darin Newsome of DTN in Omaha. “The earthquake has left a huge hole in the market.”
Newsome added “Japan is bringing its money home, and that leaves U.S. fund managers scrambling. This is a big round of liquidation
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