Chicago corn falls 1.2%, soybean meal drops over 1.8%

The broad softness across corn, meal and wheat, captured by the grain subindex giving back its session high, points to a demand- or macro-driven move rather than a single-crop story. The split with livestock — lean hogs and live cattle both higher — suggests feed-grain weakness isn't being read as a supply shock, but rather as pressure specific to the grains complex. Whether that divergence holds, and whether the subindex keeps fading from its intraday peak, is the open question worth watching.