Markets Plummet on 'Manic Monday' as Energy Sectors and Grains Take Hit
The markets are in a state of chaos on this 'Manic Monday', with the Energies sector plummeting while US stock index futures surge. The Grains sector is also seeing significant losses, particularly in the oilseed sub-sector.
Brent crude has dropped 9.2%, WTI is off 7.8%, distillates (diesel fuel) are down 2.4%, and petrol is off 4.25%. Meanwhile, S&P 500 futures are up 1%, DJIA futures are 1.1% in the green, and Nasdaq futures are up 1.6%.
The latest Commitments of Traders report showed solid buying across the board in the Grains sector, but it's not enough to switch the SRW position to net-long futures. The oilseed sub-sector is particularly affected, with soybean oil down 2.1%, soybean meal off 2.6%, and November canola dropping 2.1%.
The wheat sub-sector held together relatively well, but September SRW was still down 8.5 cents to start the day after sliding as much as 13.0 cents overnight.