It was a unique trading day amidst the caution surrounding the lack of fresh influences. Unique in that trading ranges for corn and soybeans were unusually small. Soybeans average approximately 50-cent daily swings, but the November contract only saw a 13.5 cent trading range today. December corn started the day with a 3.25 cent loss and then hovered around zero all session. Trading volumes were below the week’s average for everything except Euronext wheat where there was a scramble to address a tighter supply and quality concerns.

However, the larger anomaly was the 21.5 cent gain in September soybeans and 1.5 cent gain in September corn as the deferred contracts otherwise all took losses. In essence, old crop supplies are perhaps...