It was just like old times on financial markets.
Risk assets suffered a 2011-style spasm, which handed the S&P500 share index its worst day since December, after a cocktail of negative economic influences, chiefly China's disappointing growth outlook, unveiled on Monday, but also including Greek debt concerns and a weaker-than-expected Brazilian GDP number.
In Europe, London
The safe haven of the
The scene was set for a drop in commodity prices, and indeed the CRB index finished 1.6% lower.
And many agricultural commodities were doing even worse.
"The gossip round the market is there seems scant scale buying underneath the market," Thomas Kujawa at Sucden Financial said.
"Overall, its hard to be bullish at the moment."
Furthermore, with funds having ratcheted up long positions, "this leaves the market technically overbought", Terry Roggensack at Hightower Report said.
"With bearish outside market forces and the lack of a strong fundamental story, the market looks vulnerable to short-term, long liquidation selling pressures."
If not as much as New York
It needed a story to avoid heavy losses.
However, there was some thought the ban could be repealed, with an official panel reviewed the curbs later this week. And some analysts pondered that the loss of Indian supplies may not make too much difference to market availability,
New York cotton for May ended 0.9% lower at 91.42 cents a pound in late deals.
"Crop reports from Brazil and Paraguay are alarming, with yields obtained smaller than expected," Oil World said.
Furthermore, as Paul Georgy at Allendale noted, while an Argentine dock workers' strike was settled last week "now truckers are expected to strike next week", putting a cloud over the country's exports.
That helped soybeans for May add 0.8% to $13.35 ¼ a bushel in closing deals, and provided some support for other Chicago crops too, helping limit their losses.
Traders also kept an eye on the latest monthly US Department of Agriculture Wasde crop report, due on Friday.
This will "hopefully give the market some much needed direction", UK grain traders at a major European commodities house said.
"But predicting which way it could point the market is a complete nightmare."
While weakening US corn consumption for making ethanol is raising ideas of a downgrade to the figure for domestic 2011-12 demand, disappointing South American crop prospects are pointing to production downgrades too