The soybean CCI rating dropped below the five-year average for the first time this growing season.
Mounting recessionary concerns triggered heavy liquidation pressure in the grain and soy markets overnight.
But he acknowledged that a recession was 'certainly a possibility' given the global situation. Recessionary fears are building with economists.
Soybean basis continues its recent decline.
Wheat was supported by corrective buying overnight though futures are well off the highs this morning. Soybeans faced active followthrough selling, while corn was modestly lower.
The CCI ratings for all three crops are above the respective five-year averages for the date.
Inspections fell from the previous week for corn, soybeans and wheat.
Grain and soy complex futures are under solid pressure coming out of the holiday weekend, led lower by sharp losses in soyoil.
Access this week's newsletter here.