The CBOT tried to rally overnight and posted some slight gains heading into the morning break, but thereafter the market quickly found selling pressure. Monday’s favorable Crop Progress and conditions report from USDA offered much of the justification for the selling pressure and helped send corn and wheat – and to a lesser extent, soybeans – sharply lower. One interesting dynamic in the corn market Tuesday was the last-minute liquidation of a relatively large open interest holding in May futures with first notice day occurring on Wednesday. That helped drive some selling in old crop futures and generally set a bearish stage for the market. The soy complex struggled with soyoil falling on weaker energy markets and skeptici...

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