Market Matters Blog
Katie Micik DTN Markets Editor

Monday 10/29/12

Sandy Can't Stop the Trade

Hurricane Sandy has shut down New York City, Washington, D.C., and most of the Northeast. The federal government has shut down and that means Monday's USDA Crop Progress report will be delayed. CME and the NYSE's floors in New York City are closed, but electronic trading will continue.

So sit back, and do what you normally do. If you work on the floor, you should probably stay home anyway. And please, be safe.

"The U.S. Department of Agriculture's National Agricultural Statistics Service (NASS) has delayed the October 29, 2012 releases of Rice Stocks, Peanut Stocks and Processing and Crop Progress due to the hurricane-related closures of Washington, D.C. federal government offices. The rescheduled release times will be announced as soon as offices reopen," NASS stated.

They're still putting out Crop Progress reports? Corn harvest was 87% complete and soybean harvest 80% finished last week. This is the last scheduled report of the year.

CME's New York trading floor has been ordered to evacuate because it's in a zone that's at the highest risk for a storm surge. "New York City has issued a mandatory evacuation of Zone A, which includes CME Group's NYMEX World Headquarters and New York trading floor. As a result, the New York trading floor will be closed on Monday, October 29. We will open all of our electronic markets at their regularly scheduled times on CME Globex and CME ClearPort, our online electronic platforms. We will continue to update as additional information becomes available."

The New York Stock Exchange will be closing its floor. "Given the updated detailed weather forecast for the NYC metropolitan area with the approach of Hurricane Sandy, and local decisions to prepare safety, power, communications and transportation infrastructure for severe weather conditions, the NYSE has invoked contingency plans for trading away from the NYSE facilities on Monday. All NYSE-listed securities will trade on NYSE Arca, our fully electronic exchange, from 4 a.m. through 8 p.m. ET," a statement said.

ICE, which is now 100% electronic, will operate with normal trading hours.

Posted at 6:15AM CDT 10/29/12 by Katie Micik
Comments (1)
What you will not see, hear or read about in the, northeast, is a public that will not eat dinner or lunch at a cafeteria and what demand for food will do do to the available food supply in local grocery stores and how many days it will take to restock the shelfs. This is what I saw in Washington D.C. during the "Great Blizzard" in 1978 with AAMs' tractorcade- no chicken, hamburger, pork, all can meat, soup and beer; but you could eat steak, if the money was in your budget. It took five days to restock. I wonder what will happen if the United States has a multiple year drought?
Posted by doug taylor at 11:37AM CDT 10/29/12
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