Last week’s trade saw major ag commodities rally on bullish technical developments with corn, soybeans, and soymeal all topping key chart points. That strength did not last, however, as the CBOT turned lower in what was a weak day across most markets. The situation in the Middle East continues to drive risk-off trade but diplomatic progress sent crude oil futures sharply lower, which weighed on some CBOT markets. Farmers were strong sellers late last week on the market rallies, which helped push grain futures lower and kept funds from becoming more aggressive buyers. Too, the extreme limit-down selling in the cattle markets added to the broader market pressure. In short, there was no particular “story” for bulls to grab ho...

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