The CBOT was broadly lower on Tuesday as good crop conditions across the U.S. and surprisingly large Brazilian crop forecasts pressured the markets. Cattle futures defied the bearish trend and close higher. Funds started selling grains at the open, triggering sell-stops in soybeans and soymeal. The index fund roll is now in its third day and traders are positioning for Thursday’s WASDE. The WASDE is expected to be bearish corn and beans, and Tuesday’s trade was dominated by liquidation of long positions and farmer selling with the market at fresh highs.  For grains, one bearish factor was the continued weakness in the Argentine peso, which hit a new historic low versus the U.S. dollar. Similarly, the Russian ruble and Braz...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, Australia, China, North America