For anyone hoping markets would begin a new month, and new quarter, in better fettle, prepare to be disappointed.
There was some good news out overnight that might have proved something of a rallying point, with the monthly round of PMI manufacturing surveys showing China's factory sector in better health than expected. Its PMI index rose 0.3 points to 51.2 points.
What's more, the data showed broad-based upbeat news, with new orders from home and abroad indicating that "the fear of an export-led slowdown has diminished", while "the pressure from imported inflation has lessened", according to Australia & New Zealand Bank.
Given that China is the top importer of a range of commodities, including
But Greece, as ever, spoiled the show by admitting that it was to miss a deficit target set just two months ago, so throwing a pall over efforts to find a solution to its debt crisis, and indeed that of the broader eurozone.
The impact on financial markets was not hard to imagine. Tokyo
Agricultural commodity futures too lost ground pretty much across the board, although it will be interesting later to see if livestock futures, notably in Chicago
Rumours of Chinese buying were also credited with the October lean hog contract's limit-up close to the last session.
For grains themselves, Monday piled on the misery, especially for
Friday's US Department of Agriculture data showing surprising large domestic corn inventories, which sent the grain limit down in the last session, were one factor.
"Though supplies are still down year-on-year, they are no longer in danger of falling to dangerously low levels," Lynnette Tan at Phillip Futures said.
At Market 1, Mike Mawdsley said: "One would think we were approaching fair value for grains/soybeans, but we do need to see demand show up on this break, and soon" to revive prices.
There was little evidence over the weekend of demand, with no reports of fresh export orders.
In fact, the weekend bought fine weather which speeded the US corn and soybean harvests, with conditions looking to remain dry for the rest of the week.
That said, rain could be on its way, from a system potentially set to move to more southerly crop areas around October 8-9.
Data from weather models is "in good agreement" that a trough is "now going to come out of the Rockies fairly strong, and we will see good rains develop over eastern Colorado, all of the Texas Panhandle, all of western half of Oklahoma and Kansas and western half of Nebraska - 70% coverage of one-to-three inches", WxRisk.com said.
"This to be the most significant rain this area has seen in months."
Still, that looks like being of most significance to hard red winter
Wheat fell 0.3% to $6.07 ¾ a bushel in Chicago, for December delivery.
Soybeans for November dropped 0.9% to $11.69 a bushel, earlier hitting $11.65 ½ a bushel, the lowest for a spot contract in very nearly a year.
"Expect continued pressure on soybeans on increased harvest activity, with outside markets continuing to hold great sway over the grains due to fears a slowdown in global economy will dampen already-slow raw commodity demand," Kim Rugel at Benson Quinn Commodities said.
In Kuala Lumpur,
Ker Chung Yang, at Phillip Futures, noted that the impact of Chinese data would be muted given the close of the country's own markets for National Day celebrations.
"While China's markets are closed, rubber price's direction may depend on external markets," he said, while adding that futures "will likely to face downward pressure when investors return on October 10, given lingering economic uncertainty due to the eurozone debt crisis".