Quick summary from the excellent Tim Duy. Not good news. The quote from the FT re Cargill is, IMO, particularly telling (but note there are alternatives views expounded in the article).
Are the perma-bears finally getting their time in the sun (given a stopped (analog) clock is right twice a day)?
The Minnesota-based company was the first big trading house to warn about the economic slowdown; its latest quarterly results reflected a sharp drop year-on-year; and now it is firing 2,000 people due to the “continued weak global economy”.
The ES has not been strong. Has its behaviour changed (I think so)?