By Kevin Hursh

Hoping for another chance

Feb 23, 2011 | 6:21 AM

for paNOW

Tuesday was an ugly day in the grain markets.

Everything dropped sharply, mostly limit down.

Canola futures were down $30 a tonne.

From the peak just a short time ago, canola is down $50 or $60 a tonne.

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The drop yesterday was counterintuitive, because crude oil prices went up sharply. Generally, when oil increases, grain prices follow.

In this case, it seems the political turmoil in Libya is pushing oil higher, but investors are reducing their risk and selling off commodities.

While this sort of volatility in grain prices seems dramatic, we’ve seen it before.

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