What goes up etc

Having closed locked in limit down on Friday night CME soyoil is locked in another limit (200pts) down this am on all positions bar the soon to expire March. May soyoil is down 1136 points since last Tuesday.

Beans, which fell their 50c limit Fri are down around a further 40/45c this morning. May beans have lost 220c in a week.

The recent darling of the wheat rally May Minneapolis wheat fell it's 60c limit Fri night & is down around 55c further this am. This presents some speculators who bought a week ago last Thursday at just shy of $20.00/bushel with a net loss of almost $7.50/bushel!

Meanwhile this side of the pond French rapeseed futures have been hit hardest with May dropping EUR20.50 Friday, and already trading a further EUR9 lower at 10am this morning.

US recession worries have sparked fears that the "new money" piling into ag's might disappear as fast as it arrived with many speculators already facing a pasting. Lets hope we can get back to some sense of normality with futures markets serving the purpose for which they were originally intended.