Poor exports this morning had spot corn and soybeans under pressure again for the downtrend on the week while new crop corn and soybeans tried to catch a bid but nothing exciting for recovery.

The markets collapsed again today, with December corn trading below five dollars while November beans also trade under $12.

The poor crush data yesterday, and soybean oil prices breaking below $0.50 on a stocks build had crude oil leaving the grain complex lower today

Grain futures pushed higher after new crop corn and soybeans pressed new calendar year lows overnight.

After seeing buying early in the week for corn and wheat, those recent gains were erased today as the trade lightens up ahead of Friday's USDA crop report 11:00 a.m.

The grain trade was widely erratic with Algeria buying wheat from Russia creating a sharply lower run that was recovered during the day, while soybeans remained weak.

The downdraft today was created by China's cancellation of another 270,000 metric tons of corn, bringing her total cancellations over the previous weeks to a cool million metric tons.

Confusion over the safe grain corridor being shuttered on May 18 continues, as negotiations are still taking place in the background, with some saying Russia's playing hardball to get what they want. New crop grains for corn and soybeans pulled prices lower after early morning sharp rallies.

EPA came out with the news to help send grain futures higher after dropping all week to lower fuel costs during the major driving. They will allow 15% ethanol which will use an extra 45-75 Mil Bu of old crop corn depending on the effects of the recession that constantly is being forecasted.

China is at it again, canceling another 327,000 MTs of corn purchased back in March. This brings total purchases year to date of just over 2 million metric tons bought in March, now that canceled 40% of those in lieu of waiting for cheaper beans out of Brazil in July.