Major selloff in grains Monday

Grain futures are sharply lower as harvest activity increases across the Midwest.

Compiled by staff

Published: Sep 17, 2012

Corn, along with soy and wheat, encountered significant sell pressure overnight on fairly robust volume. The continued brisk harvest pace, combined with geopolitical unease and minor improvements in a few key world weather spots, were seen as the major contributions to weakness.

Chinese grain/oilseed markets were broadly lower – China soy meal futures had the largest single-day decline in 3 years. No one is quite sure why, although some analysts point to Japan-China-US trade tensions, along with active discussion over reserve sales.

Above all, though, seasonal trends are difficult to ignore; corn harvest is expected to come in between 25% and 30% complete in tonight’s Crop Progress report.

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