Grain Markets a little lower today

Corn closed higher for the last 3 days but is a little lower today. Thursday we moved above the 30 and 50 day moving averages so that should have turned the funds into buyers. Instead the funds defended their large short position by doing more selling to push the moving averages below those two key levels. The weekly export sales report was released this morning showing good numbers for corn, wheat, soybean meal, soybean oil and another huge number for soybeans at 1.673 (old and new crop) million ton! We are now about 50 million bushels above the USDA export forecast for the entire year!!! We are still 8 to 9 months from the next harvest. Traders are "fretting" about China cancelling beans they bought from the U.S. and moving those purchases to South America. It sure seems like we need to shift some to South America because we are going to run out of beans in the U.S at this rate.