Grain and soy futures traded quietly overnight amid low volume, and prices were not much changed by the morning recess. The overnight action (or rather the lack thereof) did not prepare traders for the big and broad sell-off that took place during the day session. Bulls like to be fed every day, and there was not much fresh feed available today. The end of the trade meetings in Beijing yesterday brought China’s commitment to “buy more U.S. agricultural goods, energy and manufactured items.” That was all well and good, but it is easy for the Chinese government to buy more agricultural goods whether they are needed or not. However, there was nothing to suggest if any progress had been made on the more difficult issues. More...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, Biofuels, Equities, Energy