Heavy selling in CBOT soybean futures Thursday took the DTN cash soybean index down 27 cents, to $8.82. That was the biggest loss for the index since Jan. 12, when the index was down 33 cents in reaction to the USDA annual crop production report.

The volatility in soybeans was in stark contrast to the corn and wheat indexes Thursday. The corn index held steady at $3.28, and the wheat indexes were steady to 2 cents lower.

As would seem logical, the crash in the soybean bids put a lid on farmer selling. Why the sudden downturn? DTN Basis Editor Bob Bailey said, "It appears that the trade picked up on the fact that the world situation in soybeans is far more bearish than the bullish situation in the U.S. In addition, the export sales report for the past week was in the red with more cancellations than sales. Export sales for the past week were a negative 4.3 million bushels due mostly to Chinese cancellations. Basis levels in the Gulf market remain inverted due to tight nearby supplies but that is expected to change by month end."

Overnight traders reversed course, with all three commodities showing at least small advances at 6:00 a.m., so the early calls for Friday's opening of the day session are for corn up a couple of cents, wheat up 2 to 4 cents, and soybeans up about a nickel.