Oh My Gawd Missus

CBOT staged perhaps a long-overdue crash following the release of the USDA numbers Tuesday, with beans and wheat closing heavily lower and corn down the daily limit.

Technically wheat should have been the strongest of the three, with the only bullish item of note in today's reports being the sharply reduced winter wheat plantings.

Things didn't quite pan out that way and the trade instead focused on the raising of US and global carryout, reflecting in part the slow pace of US wheat exports. Spillover weakness from corn was also bound to have been a feature.

Where was all the fund buying? One report I read mid-trade suggested that there were 85,000 unfulfilled sell orders on corn at one stage, more than enough to satisfy any misguided fund buying!

London and Paris wheat closed lower, and there will undoubtedly be some follow-through in the morning after this too.