Highlights
The fast planting progress for corn and beans with a favorable weather forecast kicked those two markets lower Monday evening.
The sellers got a boost from a batch of Chinese economic data which showed industrial output and retail sales growth in April was less than expected and real estate investment values fell again. Both domestic and export growth engines were lackluster. Slow economy in China means reduced food demand. That means less pork (pigs eat a lot of corn) and soybeans. China’s financial asset markets were also sharply lower.
Then a third helpful tidbit for the bears came in the form of a Federal Reserve Governor who said he is strongly recommending higher interest rates.
A report was circulated that Russian authorities said they are still undecided on whether to extend the export corridor agreement. The market took that to mean the deal would be renewed and more selling ensued.