- Early Chicago markets saw a red and almost bloody start to the holiday shortened week with corn, soybeans and wheat all falling to sharp losses. Improved central US weather has been the trigger as wheat slumped to decade lows and corn hitting lows not seen since harvest 2014. Midday saw selling pressure ease but it could return into the close if the funds decide to follow through.
- Limit down soybean meal has pressured Chicago soybeans while the grains are seeing consumptive feed demand on acute weakness. We have to turn a touch more more bullish soybeans on this break while we are starting to reduce our bearishness in the grains. Corn and wheat prices have nearly reached our downside price targets. A recovery into late week is expected to be led by soybeans and meal.