Markets were steady to slightly higher in the Sunday night session, but that steady pattern disappeared when the markets opened this morning with steep losses in corn and soybeans eventually dragging wheat lower as well. It was hard to pinpoint a reason for the abrupt change in attitude, but following are a few ideas:

Canada imposed tariffs on U.S. products over the weekend. 6 July is the target date for U.S. tariffs against China and the expected retaliation by China with tariffs on soybeans, etc. The election in Mexico is over with the expected outcome, and President Trump said he might not finish a new NAFTA deal until after the mid-term election. Both developments were considered bearish. U.S. equity markets were also lower early...