Corn down 2 to 3
Beans down 4 to 5
Grains traded lower overnight and into this morning, after moving higher yesterday. Corn made new highs Wednesday, amid Chinese buying but moved into overbought territory with U.S. ethanol production continuing to decline.
Soybeans closed 19 cents higher Wednesday, with the Chinese buying 12 million bushels, but beans are now overbought after the recent upward movement and due for a correction. They moved lower overnight and into this morning.