Soybeans closed lower. Coming off strength in soybean meal which set a new high Tuesday. Argentine workers are threatening strike, potentially shifting business to the U.S. But rumors of China canceling U.S. soybean purchases is driving down the market. The basis for soybeans remains strong but logistic freight issues are a factor.
Corn finished lower. South America is expected to receive rainfall for the next few days relieving drought conditions. The weekly ethanol report showed production up 28,000 barrels per day with stocks up by more than 660,000 barrels but with poor demand last week.