Markets were weak overnight and turned much more so today with soybeans and wheat leading the charge lower. Among the numerous bearish factors affecting markets today were the following:

There’s an unexpected chance for rain showers across Argentina, although the actual amounts and coverage don’t appear to be significant. However, the market may be deciding that the corn and soybean crops there might not get much worse. There is a fear that other tariffs might follow those placed on steel and aluminum imports, especially if soybean trade to China is impacted. Yesterday’s USDA reports showed a reduction in the export forecast for U.S. soybeans and an increase in ending supplies.

USDA announced more export sales this...