Corn erased overnight gains and is trading lower on the day despite the friendly confirmation from the USDA on export sales to China. Grain traders refer to this type of price action as, “Buy the Rumor, Sell the Fact.”  Essentially, the market already traded the export sales yesterday and the news was already “baked in.” Another old saying from the trading floor days to caution against this type of price action is, “If you buy headlines, you’ll end up selling newspapers!”  The absence of clear information is often more bullish or more bearish than any certainty of fact so it’s not uncommon to see markets price in worst-case scenarios for negative rumors and best-case scenarios for positive rumors. Once those rumors turn into facts, sentiment can dissipate and as the excitement dials back, it’s not uncommon to see some retracement in price action.