There was red across the board today, except in red meat where there was green. Lots of variables this time of year but especially weather help to unhinge some of the speculative interest. The focus seemed to be more on rain hitting the U.S. production area and especially HRW, as opposed to a return to colder temperatures that might slow some planting. It has been two days of trading lower, and that sentiment may not be done for the week.

First up for setting the bearish mood was USDA’s Export Sales report for last week. MY 2022/23 corn export sales need to be cranking right now but they came in low and instead it was sales for MY 2023/24 that came in above expectations. Soybean sales continue dropping as Brazil owns the market and...