For the bull’s, let us count the ways:

Midwest weather has turned back hot and dry. Russia is blowing up Ukraine’s grain export capacity; the IGC tightened its global wheat and rice stock numbers; China’s economy is in doubt; and the Fed may not be finished raising rates. 

We try to use data to understand markets and not just intuition, but at the same time, humans prefer there be a human somewhere in the loop. Both data and humans have been caught in the same loop for weeks and the result has been a slow but steady slide, but mostly sideways. Today was more of the same. Trading ranges were generally narrow, and trading volume was modest, except in bean oil and feeder cattle.   

Crop progress re...