Funds were still aggressive net sellers to start the week and drove wheat and corn futures to new selloff lows. Both markets also received fundamental pressure from international competition (e.g., Russia’s cheap wheat offers) and, in the case of corn, slow U.S. exports. The day’s price action, however, was still dominated by technical factors and managed money traders, both of which are keeping grain markets on the defensive. The lone holdouts for the day were soybeans and soymeal, which managed to shrug off the worst of the pressure and, in the case of soymeal, settle slightly higher. The USDA’s surprisingly bearish Ag Outlook Forum balance sheets continue to ripple through markets as well with a renewed sense that world...

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