Markets are weaker this morning with corn down 4 and soybeans are down 9. Overnight saw more weakness in the markets with rumors about China. Talk that China will wash out open US sales and could switch some sales to Brazil. Despite talk of expanding hog numbers, China crush margins have turned negative and soymeal demand has slowed. Large volume of soybean imports to arrive is also weighing on margins. All it takes is someone to mention a cancelation and beans can drop. At some point roll backs, and switches to South American are inevitable. This happens all too frequently and is a huge reason producers need to take advantage of the rallies we have seen.
One weather map is adding rains for parts of Brazil and Argentina is also offering resistance to futures.
This could be a month end correction or something deeper than that is sales are cancelled but either way the markets are at very good levels and should be captured.
Have a Safe Day!