The A in the ABCDs finished off its worst week in history last week, with a 23.7% loss that makes the market collapses of 1989, 2008 and 2020 pale in comparison.
ADM stock started the week with a $56.88 open - more than $11 lower than the previous Friday’s close. On Thursday, the stock hit a three-year-low at $50.72 before recovering ever-so-slightly to end the week just above $52.
More on this below in Headline of the Week
After six consecutive weeks lower, March corn squeaked out the weeniest of wins with Friday’s close - up a whopping 3/4 cent on the week. I will spare you the pain of a chart
Wheat was on track for its largest weekly gains in ~two months, before headlines indicating China officially approved Argentine wheat for import ruined the fun.
Both Chicago and KC wheat did closer higher on the week though, even after each suffered 12-cent losses when the China news broke on Friday.
KC continues to gain a bit of ground on Chicago, closing at a 25-cent premium on Friday - its highest since mid-December.
March beans spent the first two days of the week working to recoup nearly half of their recent losses, bouncing on concerns about Argentina’s weather and continued uncertainty regarding Brazil’s crop.
Hope (and the little rally) faded quickly though as collapsing Brazilian FOB premiums sent futures tumbling 30 cents combined on Thursday and Friday.
A collapsing meal market, making new lows on Friday, only added to the pressure.
March meal has fallen a staggering $100 from its mid-November highs as record crush rates, sagging domestic demand and a bumper Argentine crop create substantial headwinds.
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