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FBN’s Jeff Flock on what’s moving commodities today at the CME, and news that the CME Group is reporting no technical issues in the crude oil sell...
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Let's go back now to Jeff Flock is at about once again of the -- Can find out what is driving action in the -- -- -- you know.
Two things so today Cheryl edition I'm gonna get -- -- in the second the first or oil at CME with a statement.
Saying the entire crew complex crude -- -- gas and heating oil saw coordinated sell off of a prolonged duration of thirty minutes.
From 1:51 eastern 2 to 21 eastern although traders tell us it was a much shorter duration for the most intense a piece of that sell off.
That was from 150 to about 155.
Q what's the price -- -- got as low as nine before 65 oil did -- After having hit a high of 9952.
So we're talking almost a five dollar swing there's a ten dollar limit on oil so we -- get anywhere near the limit.
But still a significant sell -- I would normally say with a light volume based on -- traders we've talked to with the light volume we had today and a multiplicity of factors including the rumor on SPI release that it was that multiplicity of factors that CFTC as you reported sure earlier.
Earlier it is looking into this now quickly to grains because we had.
If it -- for oil we we had the lead story in the grain pits today and huge sell off.
In soybeans can lead the way -- 70%.
Limit down a move in soybeans today.
Corn was also -- 33 cents today not quite a limit they're even weeks off.
44 cents to limit on -- is sixty cents and why was all of this well we started to get some.
You know reports from the -- it's maybe not as bad as some people thought I had some of the worst periods where the harvest has come in already.
Doesn't look as bad as they thought so that's the thinking on that lot of people giant sucking sound.
People pulling out perhaps show the grains market they're Bakken oil what the hey I can make some money and oil now.
Which where whichever -- goes.
All right -- according to the -- done anything else like handled microphone here glasses and a piece of paper that's actually very impressive to me Jeff.
Thank you very much -- -- --
