November soybean futures retreated yesterday as recent buyers started to take some profits. As with corn, attention will start to shift back to weather and harvest reports over the coming weeks. Yesterday’s S&P 500 bloodbath is trying to stabilize, and price action is modestly higher at best. Economic data is in focus early and it was a bleak start after European Services and Composite PMIs came in below expectations. With the quarterly stocks report behind us, attention will turn back to weather and yield reports from the field. We remain optimistic on prices, U.S benchmarks slipped sharply south yesterday, and price action is now at one-month lows. Our narrative played out perfectly; this market must see better data in order to perform strongly. December corn futures took off yesterday following a bullish USDA report. The USDA showed quarterly stocks at 2.114 billion bushels, right on the bottom end of estimates. Lean hogs started the day with a gap lower on what was thought to be a bearish Hogs & Pigs report on Friday. December corn futures have been trading sideways for the better part of the last two weeks as market participants continue to wait for new news and clarity. U.S benchmarks are working higher from Friday’s trade scare. It was reported the White House is considering both delisting Chinese companies from U.S stock exchanges and imposing restrictions on U.S investments in China. Corn Export Sales came in at a disappointing 494,000 metric tons. That coupled with some position squaring ahead of Monday’s quarterly stocks report and the end of the month brought prices back near technical support. U.S benchmarks have been working higher since the opening bell swoon yesterday and since price action Wednesday morning held the overnight low; the range has been about 1% and gyrating higher with 3000 broadly acting as a psychological ceiling.