Rumors of big layoffs in the financial banking sectors mid-day yesterday at the same time JP Morgan told clients to sell “everything.” JPM does have a sizable ag book, so the ag markets, not knowing what was going on, jumped on the selling bandwagon.
Weather forecasts continued the forecast for Argentina to get 1½ to 3½ inches (3.8 to 8.9 cm) of rain over the next two weeks. That will not make a crop.
More rain expected for Central Kansas over the weekend added to pressure to the wheat markets.
Certainly, the soybean longs were looking for an excuse to take profit.