Jamie Gieseke with Paradigm Futures says the weakness in the grain markets last week and to start this week was tied to liquidation and pricing of basis fixed contracts against December futures before the delivery period starts. Once that’s out of the way what is the next move?

Dave Chatterton with Strategic Farm Marketing says the soybean market is tired of rhetoric and wants to see results in the form of sales to China.

Gulke says after a reversal, he’s watching short-term technical indicators to determine if the corn market is going to continue to go lower.“

Chip Nellinger with Blue Reef Agri-Marketing says the soybean market has corrected its overbought status with the profit taking by the funds so the selling pressure may be over.

Scott Varilek with Kooima Kooima Varilek says the market had been anticipating the tariffs to be lowered on Brazil beef for several days and it was part of the recent selloff in cattle. “So I think a lot of this was already penciled into prices.” he explains.

Jim McCormick with AgMarket.Net says soybeans continue to sell off though as this business has already been priced into the market with the nearly $1.50 rally off the lows.

Grains futures saw sharp losses on Wednesday on profit taking according to Rich Nelson with Allendale, Inc. However, there were several other factors at play.

Kevin Duling with KD Investors says the additional six cargoes of soybeans sold to China were part of the rumored business earlier in the week and have already been priced into the market.

Randy Martinson says confirmation of 29 million bushels of soybeans sold to China is already priced into the market after the big rally to 17-month highs in soybeans. So, the market is seeing a traditional “buy to rumor sell the fact” reaction.

Soybean futures closed nearly $.33 higher on the January contract. Craig Turner with StoneX said there was unconfirmed market talk of multiple cargoes of soybeans being sold to China through the Pacific Northwest.