Soybeans Sharply Lower Today

The first thing I do when I get to the studio each morning is check the grain markets in the Overnight Trading. Beans were down 16 to 20 cents a bushel. By the close of the overnight session beans were down about 40 cents a bushel. The first thought in my mind was China canceled a couple MMT of soybeans and transferred them to South America. My first question on the 'air" with Gordy at 8:30 was how many soybeans did China Cancel? Gordy's answer was NONE!! All the talk from Traders was very soon China would cancel beans bought from the United States! Gordy said from the lows in late January beans rallied more than $2 a bushel. All at once there were no buyers, and there were "sell stops" under the market. When we started to go down, there were a lot of sell orders and no buyers left! As I write this, beans are off the lows, down about 30 cents a bushel. Corn is a little firmer today after a nice rally Tuesday just before the close. We still have South American weather, the Ukraine political unrest affecting the markets in the background. But, the next big market mover will likely be the Perspective Plantings Report and the Stocks Report. Those reports will be released March 31st.