Overnight, the CME raised margins on corn and beans, and along with increased tariffs (which have no more effect on grain, as China doesn’t buy corn and wheat and beans are already hit with tariffs) grain prices retreated.
In the night beans double bottomed, corn hit a new low by just over a penny, and the wheat setback is at 2/3 retracement of the July 1 low.
The start of each quarter over the past two years, within ten days, has created a change of trend that carries into the next quarter.
Once through Thursday’s USDA data, grains will have priced in large crops and no demand. It doesn't take much of a shift in either to change the tide. Current prices are not low risk sells even though they look like it. It is just a matter of time, and surprise demand starts buying our discounts.