CBOT options expire next Friday. Grain and soybean complex futures tend to go down into option expiration day because there are so many more call option on the books than puts.
Tidbits
Producer price index (PPI) is the measure of inflation, at the wholesale level. In January, the PPI was up 0.3%, triple the expected increase of just 0.1%. This is another reason to not expect interest rates to come down anytime soon.
Beans were lower for the 14th time in 15 weeks. Corn was lower for the 9th time in 10 weeks. Minneapolis was lower for the 6th out of 7 weeks. KC was lower for the second consecutive week with new contract lows.
After not making a new low since November 27th, Chicago March wheat closed lower for the third consecutive week and tested the $5.56 November low with low trade yesterday at $5.56¾, but closed at $5.60½. Aw-Ha, a double bottom, you say? Yes, but July wheat made a double bottom on Wednesday and it traded 25¢ lower yesterday.