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Financial markets are closed Wednesday for the holiday, and participants in the grain market are particularly upset because they will not be able to trade from Tuesday afternoon until Thursday morning.
In the past week, grains rose, with December corn futures jumping 15 percent on concerns that hot weather will hurt the young crop’s development. Any sudden forecast change, therefore, could be a major market event.
“When we’re in a weather market, any minute that you’re closed heightens the anxiety,” said Shawn McCambridge, analyst with Jefferies Bache.
Stocks closed out the second quarter with a bang, erasing about half the quarter’s Dow losses in one trading day Friday. The Dow was up 2.2 percent Friday at 12,880, and up 1.9 percent for the week. It was down 2.5 percent for the quarter.
The S&P 500 surged 2.5 percent Friday, and was up 2 percent for the week, ending at 1362. It was down 3.3 percent for the quarter, and is up 8.3 percent for the year. The Nasdaq was up 3 percent Friday, and gained 1.5 percent for the week to 2935. It was down 5 percent for the quarter, but up 12.7 percent for the year.
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