Yesterday the market saw a messy session where grains and the soy complex diverged. The main catalyst was the Informa new crop acreage numbers and an immediate play in SX11 versus CZ11. Paper bought 700 SX11 selling the Dec. I think this is an obvious acreage play five months in advance of the real numbers from the USDA. The only real plays I saw were buying the SH 1340-1540 call spread 1,500 times paying 44. This is an immediate coverage play for someone obviously bullish both volatility and delta. In corn the market saw vol selling once again with Dec paper running for cover as both Theta and Vol are killing them. Not much seen in March and deferreds. Wheat was a sluggish non-factor all session. The surprise is that it lost to corn in the end in spite of growing talk of total losses in W. KS. The overnight session opened stronger led again by beans but this was halted very quickly around 8PM. Rumors from China concerning raising rates and raising import quality standards brought the market to heel. This added to yesterday’s downside pressure by profit taking moves. The pressure today is felt most in bean oil with both palm oil and Chinese bean oil losing 4% overnight. The day session looks to open wildly lower with export sales only offering wheat any reason to fade the negative momentum. Heading into the weekend I think the downside is the path of least resistance with weak length looking to run for cover.