Key Takeaways with Craig

After an extraordinarily volatile January, the first day of February trading was anything but (at least as of mid-day action; due to travel schedules, we wrote the Key Takeaways a bit early today).  US Equities were little changed with a few hours left in cash stock market trading as were US interest rate markets, both at the long and shorter ends of the yield curve. 

In CME’s Energy markets WTI Crude Oil was very slightly lower and Natural Gas futures prices, about which we’ve written lately, were off of recent highs by about 2%. 

CME grains futures prices were a bit more active with Corn up by nearly 2%, Soybeans up by nearly 3% and Wheat up by 1%.  A bit lost in all of January’s volatility were CME Grain markets price action.  In the last couple of weeks

  • Soybean futures prices are up by about 12% and 30-Day implied volatility (“vol”) is up from about 18% to 26.5% (as pictured in the QuikStrike graph below)
  • Corn prices are up by about 8% and vol has risen from 21.5% to 25.25%
  • Wheat price has come down from recent highs but is still up by about 3.6%

So, while today has been a bit quieter, we’re still looking towards more corporate earnings reports this week and, of course, the January Employment report on Friday.  

Today's Future Price Action

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