Corn futures were down sharply on Wednesday as trading resumed following the May Day holiday in China. The decline in corn futures was due to a rumor in the market that Sinograin would auction 17 million tons of old rice at very low prices to supplement feed grain supplies.
This has been rumored for several months now, and the amount of 17 million tons is within the previously discussed range of 15-20 million tons.
Corn futures were also at the top of their range and had been unable to rise abov...